Title
Approving the Third Amendment to Lease of the Philadelphia Redevelopment Authority for the redevelopment and urban renewal of a portion of the Independence Mall Urban Renewal Area, Unit No. 4, bounded generally by Eighth street, Vine street and Race street, also identified by house number and street address as 820 Vine street; and authorizing the Redevelopment Authority to execute the amendment to lease with E-Z Park, Inc. and to take such action as may be necessary to effectuate the amendment to lease.
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WHEREAS, The Philadelphia Redevelopment Authority (hereinafter "Redevelopment Authority") has prepared and submitted an urban renewal plan and a redevelopment proposal for the redevelopment of the Independence Mall Urban Renewal Area, Unit No. 4 (hereinafter "Independence Mall Unit 4"), which said plan and proposal were approved by Ordinance of the Council on February 19, 1966, as amended; and
WHEREAS, The Redevelopment Authority entered into a lease with E-Z Park, Inc. (hereinafter "E-Z Park") dated March 14, 2008, which was amended by a First Amendment to Lease dated June 29, 2012, and further amended by a Second Amendment to Lease dated September 1, 2017 (collectively, the "Lease"), which granted to E-Z Park a leasehold interest in a portion of Independence Mall Unit 4, in property bounded generally by Eighth street, Ninth street, Vine street, and Race street (the "Original Leased Premises"); and
WHEREAS, In March 2023, E-Z Park relinquished possession to the Redevelopment Authority and released from the Lease a certain portion of the Original Leased Premises on the Ninth street side, known as 217-253 North Ninth street, in order to allow for development of affordable housing rental units.
WHEREAS, The Lease will be amended to, among other things, extend the lease term, and change the description of the leased premises thereunder.
WHEREAS, The Redevelopment Authority has prepared a Third Amendment to Lease ("Third Amendment") for th...
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