Title
Authorizing the Mayor, on behalf of the City of Philadelphia, to enter into Agreements with the Philadelphia Authority for Industrial Development ("PAID") providing for lease from PAID to the City of a football practice facility to be developed at Broad street and Pattison avenue and for leaseback of the said practice facility from the City to PAID, the obligations of the City under the said Agreements to become effective only in the event that ordinances necessary for the financing, development and leasing of a new football stadium are not enacted by City Council and approved by the Mayor by November 3, 2000.
Body
WHEREAS, The City and the Philadelphia Authority for Industrial Development ("PAID") are currently engaged in negotiations with the Philadelphia Eagles Limited Partnership, a limited partnership organized and existing under the laws of the State of Delaware (the "Eagles"), for the purpose of agreeing upon a proposal for the financing, development and leasing of a new football stadium, which proposal will be presented to City Council for consideration this year; and
WHEREAS, The Lease, dated as of February 21, 1966, as amended, between the City and the Eagles with respect to Veterans Stadium contains provisions granting the Eagles space within Veterans Stadium for the Eagles' business headquarters, principal business and administrative offices and operations and requiring the City to provide a natural grass practice field for the Eagles' use for in-season practice and training sessions; and
WHEREAS, The City and PAID desire to induce the Eagles to continue to operate the Eagles' business headquarters, principal business and administrative offices and operations, in-season training and practice sessions in the City of Philadelphia as a use functionally related and accessory to a stadium in the City, thereby enabling the City to realize significant tax revenues through such continued activities in the City, and otherwise promoting comme...
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