Title
Authorizing and approving the execution and delivery of a Service Agreement between The City of Philadelphia and The Philadelphia Municipal Authority relating to the financing of the acquisition of 400 North Broad Street and 1501 Callowhill Street (together with certain ancillary property rights), which premises the City has sub-leased for use as the City's police headquarters and certain other uses; approving the issuance by the Authority of bonds, notes or other evidences of indebtedness (including reimbursement obligations related to lines or letters of credit) in one or more series to finance or refinance such acquisition costs and authorizing and approving the obligation of The City of Philadelphia to pay in full when due the Service Fee and other amounts payable under the Service Agreement; authorizing certain City officers to take certain actions required to issue such bonds, notes or other evidences of indebtedness; covenanting that The City of Philadelphia will make necessary appropriations in each of the City's fiscal years to provide for, and will make timely payments of, the Service Fee and other amounts due under the Service Agreement; and authorizing and approving the Director of Finance of the City and other City officials to take other necessary or appropriate actions to effectuate the purposes of this ordinance; all under certain terms and conditions.
Body
WHEREAS, in December 2017, The City of Philadelphia (the "City") entered into a sublease (the "Original Sublease") with Philadelphia Authority for Industrial Development ("PAID") which Original Sublease was amended and restated pursuant to an Amended and Restated Sublease dated as of March 18, 2021 between the City and PAID (the "Sublease"), pursuant to which the City leased real property and improvements thereon known as 400 North Broad Street and 1501 Callowhill Street together with certain related property rights and interests (collectively, the "Premises") from PAID for use as the C...
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