Title
Authorizing the Commissioner of Public Property, on behalf of the City, to enter into a lease agreement with the Philadelphia Authority for Industrial Development providing for the leasing by the City to the Philadelphia Authority for Industrial Development of Veterans Memorial Stadium, including a ground lease of land underneath Veterans Memorial Stadium, and obligating the Philadelphia Authority for Industrial Development to finance certain repairs to Veterans Memorial Stadium to be made by the City, all subject to the rights of the Phillies and the Eagles under their existing team leases and, authorizing a sublease agreement between the Philadelphia Authority for Industrial Development and the City providing for the subleasing of Veterans Memorial Stadium and the land back from the Philadelphia Authority for Industrial Development to the City; covenanting to be bound by the terms of the lease and sublease; imposing a limit on the aggregate amount of Bonds which are to be issued by the Philadelphia Authority for Industrial Development to finance or refinance the costs of the Rehabilitation; covenanting to make appropriations in each of the City's fiscal years to provide for rental payments due under the sublease; authorizing the Director of Finance and all other officials of the City to take all actions necessary to accomplish the intent and purpose of this Ordinance or the lease and sublease; and authorizing approval of all of the terms of certain documents by the Director of Finance.
Body
WHEREAS, The City is the owner of Veterans Memorial Stadium ("Veterans Stadium") located at Broad street and Pattison avenue and the land underneath Veterans Stadium (the "Land"), and in 1966 granted certain currently existing leases of the Stadium and the Land to The Phillies baseball team and to the Philadelphia Eagles football team for the conduct of professional baseball and football games and related activities on the premises (collectively, the "Team Leases"...
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