Title
Authorizing designated City officials to file articles of incorporation for a new not-for-profit corporation for the purpose of providing tax relief to certain homeowners who experience burdensome real estate tax bills; authorizing the Director of Finance to enter into an agreement with such corporation for such purpose; and providing for the funding of such an agreement; all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. The Mayor, the Director of Finance and the Council is hereby authorized to file with the Secretary of the Commonwealth articles of incorporation for a new not-for-profit corporation. The articles shall provide that:
(1) The Board shall be governed by a five member board of directors, two members to be appointed by the Mayor, two by resolution of City Council, and one to be selected by the foregoing four. Board members shall serve terms of four years, such terms to be staggered after an initial transition period.
(2) The mission of the corporation shall be to provide tax relief to homeowners who experience burdensome real estate tax bills, and such other provisions as the incorporator deems appropriate.
SECTION 2. The Director of Finance is hereby authorized to enter into a funding agreement, on behalf of the City, with the corporation created pursuant to Section 1, the terms of which shall be substantially as follows, with such modifications as the Director of Finance or the City Solicitor deems appropriate, all to protect the interests of the City and to further the purposes of this Ordinance.
(1) The City shall provide funding to the Corporation each year in an amount not to exceed the total amount of real estate taxes paid to the City in the prior calendar year by taxpayers on account of improvements currently subject to partial abatement of real estate taxes under Section 19-1303(2), 19-1303(3), 19-1303(4) or 19-1303(5) of The Philadelphia Code. A...
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