Title
Approving the sale by the Philadelphia Authority for Industrial Development for fair market value of the former Pennsylvania Hall property situate on the southeasterly side of Civic Center Boulevard approximately two hundred ninety-one feet northeast of University avenue, to the University of Pennsylvania and/or The Children's Hospital of Philadelphia, and authorizing the City Solicitor to approve all instruments and documents necessary to effectuate the purpose of this Resolution.
Body
WHEREAS, The Council of the City of Philadelphia ("Council"), by Bill No. 980875 (approved December 30, 1998), has authorized the Commissioner of Public Property and the Director of Commerce to convey the City-owned site generally bounded by University Avenue, Civic Center Boulevard, Convention Avenue, and the northerly line of a railroad right-of-way (the "Civic Center Site") to the Philadelphia Authority for Industrial Development (hereinafter "PAID"), for development; and
WHEREAS, Bill No. 980875 further authorized PAID to enter into Agreements of Sale and Development Agreements for a consideration of fair market value; and
WHEREAS, The University of Pennsylvania and The Children's Hospital of Philadelphia each desired to acquire fee simple title to portions of the herein described parcel for purposes of constructing buildings of approximately two hundred thousand square feet for medical, educational, and research purposes and related ancillary uses, and therefore Council, by Resolution No. 990869 (approved December 2, 1999) further authorized PAID to convey substantially equal portions of the herein described parcel to The University of Pennsylvania and The Children's Hospital of Philadelphia; and
WHEREAS, The Children's Hospital of Philadelphia may, but is currently under no obligation to, relinquish any interest in the herein described parcel in favor of The University of Pennsylvania in exchange for The University of Pennsylvania's interest in another...
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