Title
Amending Chapter 16-400 ("Vacant and Surplus Properties") to establish Development Districts wherein City-owned real estate may be transferred to the Philadelphia Land Bank or other City-related Agencies for further transfer, at a discount, for economic development purposes, under certain terms and conditions.
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WHEREAS, Within the City of Philadelphia current estimates indicate that there are between 40,000 and 50,000 vacant lots and structures; and
WHEREAS, Public entities own more than 15,000 of these vacant lots and structures. Over 6,300 of the these properties are owned by the City of Philadelphia; and
WHEREAS, Over 60,000 properties are tax delinquent two years or more; and
WHEREAS, These public owned vacant lots and structures are counter productive to the health, welfare and economic stability of the City as they are a blighting influence on communities, lower the value of properties surrounding them, require City resources to maintain and produce no revenues for the City; and
WHEREAS, There are three characteristics that are base level indicators of distressed real estate markets, percent of properties two or more years tax delinquent, percent of properties that are vacant and percent of properties that are publicly owned; and
WHEREAS, Many of the public owned properties are located in distressed real estate markets; and
WHEREAS, The City has no current program to incentivize the development of these properties; now, therefore
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Section 16-405 of The Philadelphia Code ("Transfer of Title") is hereby amended to read as follows:
§ 16-405. Transfer of Title.
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(2) Notwithstanding subsection 16-405(1) or Section 16-406, the Commissioner of Public Property is hereby authorized to transfer title to any property or ground to which the City has accepted title under the provisions and conditions of this Chapter or any other:
(a)...
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