Title
Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to convey to the Philadelphia Authority for Industrial Development, a parcel of land bounded by North Delaware Avenue to the east, Spring Garden Street to the south, North Beach Street to the west, and Fairmount Avenue to the north, for further conveyance, 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 convey to the Philadelphia Authority for Industrial Development (PAID), a parcel of land bounded by North Delaware Avenue to the east, Spring Garden Street to the south, North Beach Street to the west, and Fairmount Avenue to the north, as more particularly shown on a map in Exhibit "A", for further conveyance, under certain terms and conditions.
SECTION 2. The City Solicitor is hereby authorized to review and approve all instruments and documents necessary to effectuate this Ordinance, which instruments and documents shall contain such terms and conditions as the City Solicitor shall deem necessary and proper to protect the interests of the City and to carry out the purposes of this Ordinance.
SECTION 3. Conveyance of the property to PAID is conditioned upon a commitment to an Economic Opportunity Plan in accordance with Section 17-1602 of The Philadelphia Code, as amended.
SECTION 4. Net proceeds from the sale of this property shall be deposited in the City's General Fund.
Exhibit "A"
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