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 amount not to exceed Five Million Dollars ($5,000,000) to assist in the Moore College of Art & Design campus renovation and expansion project.
Body
WHEREAS, The City and PAID are desirous of obtaining funds from the Commonwealth of Pennsylvania's Office of the Budget, in an amount not to exceed Five Million Dollars ($5,000,000) for the undertaking of an approved Capital Budget project 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, The Moore College of Art & Design project is being proposed in order to eliminate the existing blighting influence by renovating facilities to house educational, special events, conferences and exhibits; and
WHEREAS, The City and PAID desire to advance the necessary development of the Moore College of Art & Design project; 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 Five Million Dollars ($5,000,000); and
WHEREAS, The Commonwealth regulations require the City to obligate itself to reimburse the Commonwealth for expenditures found to be ineligible and not reimbursed by the project recipient; and
WHEREAS, The Commonwealth regulations require th...
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