Title
Approving the First Amendment to Second Amended and Restated Parking Garage Development Agreement and Lease and Estoppel 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 and estoppel with Parametric Garage Associates and to take such action as may be necessary to effectuate the development contract and lease and estoppel.
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 said 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 Le...
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