Title
Authorizing the Philadelphia Authority for Industrial Development ("PAID") to file an application with the Office of the Budget, Commonwealth of Pennsylvania, under the Capital Redevelopment Assistance Program, in an aggregate amount not to exceed Forty Million Five Hundred Thousand Dollars ($40,500,000) to assist in the development of the Northeast Community Center, Please Touch Museum, Universal Commercial Center, University of Pennsylvania Cancer Treatment Center, University of Pennsylvania Veterinary School, and the Sixtieth Street Commercial Corridor.
Body
WHEREAS, The City and the Philadelphia Authority for Industrial Development ("PAID") are desirous of obtaining funds from the Commonwealth of Pennsylvania's Office of the Budget in an amount not to exceed Forty Million Five Hundred Thousand Dollars ($40,500,000) 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 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, Six projects ("Projects") are being proposed in order to eliminate the existing blighting influence by renovating facilities to house commercial, medical, educational and cultural 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 local share of the project costs above the aggregate amount of Forty Million Five Hundred Thousand Dollar...
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