Title
Authorizing and approving (i) a comprehensive neighborhood transformation program for revitalization, renewal, redevelopment and transformation of blighted areas within the City of Philadelphia to promote the health, safety and welfare of the residents of the City of Philadelphia; (ii) the execution and delivery of a Service Agreement between the City of Philadelphia and the Redevelopment Authority of the City of Philadelphia; (iii) the issuance by the Redevelopment Authority of bonds, notes or other evidence of indebtedness in one or more series, to pay a portion of the costs of the neighborhood transformation program; and (iv) the obligation of the City of Philadelphia to pay in full when due the Service Fee and other amounts payable under the Service Agreement; authorizing the Director of Finance, on behalf of the City of Philadelphia, to enter into the Service Agreement with the Redevelopment Authority; authorizing the Director of Finance and other officers of the City of Philadelphia to take such other actions as may be necessary or appropriate to accomplish the intent and purpose of this Ordinance; covenanting that the City of Philadelphia will make necessary appropriations in each of the City's fiscal years to provide for Service Fee and other amounts due under the Service Agreement; and covenanting that the City of Philadelphia will make payments of the Service Fee and other amounts due under the Service Agreement; all under certain terms and conditions.
Body
WHEREAS, the City of Philadelphia (the "City") and the Redevelopment Authority of the City of Philadelphia (the "RDA") have determined that the RDA will, at the direction and with the cooperation of the City, undertake a comprehensive neighborhood transformation program for revitalization, renewal, redevelopment and transformation of blighted areas within the City to promote the health, safety and welfare of the residents of the City (the "Program"); and
WHEREAS, the City is authorized...
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