Title
Authorizing the Director of Finance, on behalf of the City, to enter into an amendment to a Contract for Parking Services with The Philadelphia Parking Authority (the "Parking Authority"), such amendment to provide for the Parking Authority to apply the proceeds of certain parking revenue bonds heretofore issued by said Authority in 1999 to a substitute project consisting of the construction of (i) parking facilities at property generally located at the northwest corner of Eighth and Chestnut streets in the City of Philadelphia (the "Substitute Parking Facilities Project"); and (ii) additional parking facilities on adjacent property generally located at Eighth and Market streets (the "Additional Parking Facilities Project"), such Substitute Parking Facilities Project and Additional Parking Facilities Project to be in lieu of the acquisition by the Parking Authority of an off-street multi-story parking garage facility heretofore authorized by Ordinance (Bill No. 990186) approved May 10, 1999.
Body
WHEREAS, Pursuant to Ordinance (Bill No. 990186) approved May 10, 1999 ("1999 Ordinance"), the Director of Finance of the City entered into a certain Contract for Parking Services, dated May 1, 1999, with the Parking Authority (the "Contract") providing for the Parking Authority to undertake a project consisting of (i) the acquisition and/or construction of a garage parking facility designated the Eighth and Chestnut Garage, as defined in the 1999 Ordinance; and (ii) under certain limited circumstances, the acquisition of certain real estate and improvements adjacent to the Eighth and Chestnut Garage for development as additional parking facilities or for resale for commercial development, with the proceeds of any such resale to be used either to finance the completion of the Eighth and Chestnut Garage or, upon prior approval of City Council by Ordinance, to finance other parking facilities in the City (collectively, the "1999 Project"); and
WHEREAS, The ...
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