Title
Authorizing the Commissioner of Public Property to enter into a series of transactions whereby The City of Philadelphia ("City") would: (a) sell to the Philadelphia Authority for Industrial Development ("PAID") a certain City-owned building located at 1901 Vine Street ("Free Library Building"), provided that PAID resells the Free Library Building to a certain third party or parties; (b) lease from PAID the Free Library Building upon PAID's lease of the building from a certain third party or parties; (c) lease to PAID the land bounded by Nineteenth Street, Vine Street, Twentieth Street and the former Wood Street ("Free Library Land"), provided that PAID leases the Free Library Land to a certain third party or parties; and (d) lease from PAID the Free Library Land upon PAID's lease of the land from a certain third party or parties; all under and subject to certain terms and conditions.
Body
WHEREAS, The City of Philadelphia ("City") is considering entering into a series of transactions with the Philadelphia Authority for Industrial Development ("PAID") pursuant to a financial plan developed in consultation with the City by BW Realty Advisors LLC; and
WHEREAS, the City would execute and deliver a deed to PAID conveying fee simple title to a certain City-owned building (excluding the land and personal property contained therein) located at 1901 Vine Street (the "Free Library Building"); and
WHEREAS, PAID would execute and deliver a deed for the Free Library Building to BW Realty Advisors LLC or its designee or designees ("Investor Group") for not less than sixty million dollars ($60,000,000); and
WHEREAS, PAID would pay to the City the net proceeds from the sale of the Free Library Building to the Investor Group, which funds would be deposited into the General Fund of the City; and
WHEREAS, PAID would lease from the Investor Group the Free Library Building ("Building Lease"); and
WHEREAS, the City would sublease from PAID the Free Libra...
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