Title
Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into ground lease and sublease agreements with the Philadelphia Authority for Industrial Development for certain land and improvements located on a parcel of land bounded by South Broad Street to the east, Castle Avenue to the south, 15th Street to the west, and Morris Street to the north, all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. The Commissioner of Public Property, on behalf of the City of Philadelphia, is hereby authorized to enter into ground lease and sublease agreements, as a ground lessor and a sublessee, with the Philadelphia Authority for Industrial Development for certain land and improvements located on a parcel of land bounded by South Broad Street to the east, Castle Avenue to the south, 15th Street to the west, and Morris Street to the north, pursuant to the general transaction structure set forth in Exhibit "A" attached hereto.
SECTION 2. The City Solicitor is authorized to include in the ground lease and sublease agreements such terms and conditions as in the opinion of the City Solicitor shall be necessary and proper to protect the interests of the City.
Exhibit A
Terms of Proposed Ground Lease and Sublease Agreements between the City of Philadelphia and the Philadelphia Authority for Industrial Development for the land and improvements on a parcel of land bounded by South Broad Street to the east, Castle Avenue to the south, 15th Street to the west, and Morris Street to the north ("Property")
1. Exhibit "A" Definitions:
"PAID" means the Philadelphia Authority for Industrial Development
"CHOP" means The Children's Hospital of Philadelphia
"CHOP, LP" means a limited Partnership that will be formed by CHOP
"Facility Improvements" means a combined medical facility, recreation center, and library facility. When co...
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