Title
Approving the grant of an easement for the redevelopment and urban renewal of a portion of the Model Cities Urban Renewal Area, identified by house number and street address as 1600-1636 North Broad street; and authorizing the Philadelphia Redevelopment Authority to execute a Declaration of Easements and Covenants in favor of American Multi-Cinema, Inc., 1600 Broad Associates, L.P., and 1600 Broad Associates, L.P.'s successors and assigns, and to execute all documents with American Multi-Cinema, Inc. and 1600 Broad Associates, L.P., and to take such action as may be necessary to effectuate the easement.
Body
WHEREAS, The Philadelphia Redevelopment Authority (hereinafter the "Redevelopment Authority") has prepared and submitted an urban renewal plan and a redevelopment proposal for the redevelopment of the Model Cities Urban Renewal Area, which said plan and proposal were approved by Ordinance of the Council on June 13, 2002, as amended; and
WHEREAS, The Redevelopment Authority leased the property located at 1600-1636 North Broad street (the "Property") to Beech Interplex, Inc. ("Beech") under a Ground Lease dated February 17, 2005 (the "Ground Lease"). The Authority authorized the Ground Lease for redevelopment under the terms of an Amended and Restated Redevelopment Agreement (the "Redevelopment Agreement") among the Authority, Beech and Tower Investments, Inc.; and
WHEREAS, Beech simultaneously subleased the property to 1600 Broad Associates, L.P. ("1600 Broad") under a Ground Sublease Agreement dated February 17, 2005. 1600 Broad constructed the improvements on the Property as required under the Redevelopment Agreement. The construction included, among other things, a surface parking facility and retail space (the "Retail Facility"); and
WHEREAS, A movie theater was constructed as part of the Retail Facility, which 1600 Broad has leased to American Multi-Cinema, Inc. ("AMC"). AMC intends to remodel and renovate the movie theate...
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