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Approving the redevelopment contract of the Philadelphia Redevelopment Authority for the redevelopment and urban renewal of a portion of the American Street Industrial Corridor Urban Renewal Area, identified by house number and street address as 2501-2525 North American street; and authorizing the Redevelopment Authority to execute the redevelopment contract with 2501 American Real Estate LLC and to take such action as may be necessary to effectuate the redevelopment contract.
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WHEREAS, The Philadelphia Redevelopment Authority (hereinafter "Redevelopment Authority") has prepared and submitted an urban renewal plan and a redevelopment proposal for the redevelopment of the American Street Industrial Corridor Urban Renewal Area (hereinafter "American Street"), which said plan and proposal were approved by Ordinance of the Council on June 13, 2002, as amended; and
WHEREAS, The Redevelopment Authority has prepared a redevelopment contract for a portion of American Street identified by house number and street address as 2501-2525 North American street (the "Property"). The area of the Property is bounded as follows:
2501-2525 North American street.
BEGINNING at the intersection of the northeasterly right of way line of West Cumberland street (fifty feet wide right-of-way, legally open, on City Plan) and the southeasterly right-of-way line of North American street (one hundred twenty feet wide, legally open, on City Plan) and from said point of beginning running; Thence along the southeasterly right-of-way line of North American street, north eleven degrees, twenty-one minutes, zero seconds east, a distance of two hundred fifty feet to a point on the southwesterly side of a two feet wide alley; Thence along the said southwesterly side of a two feet wide alley, south seventy-eight degrees, twenty-six minutes, zero seconds east, a distance of sixty-five and seventy-five hundredths feet crossing through a four feet wide alley to a point on the...
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