Title
Authorizing the Philadelphia Authority for Industrial Development ("PAID") to file an application with the Office of the Budget, Commonwealth of Pennsylvania, under the Redevelopment Assistance Capital Program ("RACP"), in an aggregate amount not to exceed Fifteen Million Three Hundred Fifty Thousand Dollars ($15,350,000) to assist in the development of the Franklin Institute, Holy Family University, Irish Memorial, Inc., Kimmel Center, and WHYY II.
Body
WHEREAS, The City and PAID desire to obtain funds from the Commonwealth of Pennsylvania's Office of the Budget, in an amount not to exceed Fifteen Million Three Hundred Fifty Thousand Dollars ($15,350,000) for the undertaking of approved Capital Budget projects under Section 4(c) of the Housing and Redevelopment Assistance Law as amended; and
WHEREAS, Guidelines issued pursuant to the Housing and Redevelopment Assistance Law, as amended, define a blighted area to include portions of an urban community with economically undesirable land uses; and
WHEREAS, The City and PAID recognize that blighting influences exist due to economically undesirable land use throughout the City; and
WHEREAS, Five projects ("Projects") are being proposed in order to eliminate the existing blighting influence by renovating facilities to house commercial, educational, cultural, and community service delivery facilities; and
WHEREAS, The City and PAID desire to advance the necessary development of the above-referenced Projects; and
WHEREAS, The Housing and Community Development Program authorizes PAID to file applications for grants; and
WHEREAS, The Commonwealth regulations require the City and/or its designated project recipients to assume the provision of the full matching share of the project costs above the aggregate amount of Fifteen Million Three Hundred Fifty Thousand Dollars ($15,350,000); and
WHEREAS, The Commonwealth regulations require the City to obligate itself to reimburse the Commonwealth for...
Click here for full text