Title
Approving the Second Amended and Restated Parking Garage Development Agreement and Lease of the Philadelphia Redevelopment Authority for the redevelopment and urban renewal of a portion of the Market Street East Urban Renewal Area, located generally on the east and west sides of Eleventh street from Arch to Filbert streets, but excluding certain air rights; authorizing the Redevelopment Authority to execute the development contract and lease with Parametric Garage Associates and to take such action as may be necessary to effectuate the development contract and lease.
Body
WHEREAS, The Philadelphia Redevelopment Authority ("Redevelopment Authority") has prepared and submitted an urban renewal plan and a redevelopment proposal for the redevelopment of the Market Street East Urban Renewal Area, which plan and proposal were approved by Ordinance of the Council on September 16, 1969, as amended; and
WHEREAS, The Redevelopment Authority entered into a Parking Garage Development Agreement and Lease with Parametric Garage Associates ("Parametric") dated March 24, 1982, as amended by an Amended and Restated Parking Garage Development Agreement and Lease dated November 15, 1983, further amended by an Amendment to Parking Garage Development Agreement and Lease dated June 15, 1993 and further amended by an Amendment to Parking Garage Development Agreement and Lease dated August 12, 1996 (collectively, the "Original Lease") which granted to Parametric a leasehold interest in property located generally along Eleventh street between Filbert street and Arch street (the Original Leased Premises"); and
WHEREAS, The Original Lease was further amended by an Amendment to Amended and Restated Parking Garage Development Agreement and Lease dated December 23, 1998 (the "Amended Lease") which, among other things, deleted certain portions of the Original Leased Premises (the "Removed Parcels") from the Original Lease in order to allow for development of a hotel project kn...
Click here for full text