Title
Authorizing and approving the execution and delivery of a Service Agreement between the City and the Philadelphia Municipal Authority relating to the financing of the acquisition from the Philadelphia Authority for Industrial Development of an approximately fifteen- acre tract of land in the City bounded by 46th Street, Market Street, Haverford Avenue, and 48th Street, together with the improvements thereon, and the making of certain capital improvements to such land and improvements, including the development of a new Police Department headquarters and related parking accommodations; approving the issuance by the Philadelphia Municipal Authority of bonds, notes or other evidences of indebtedness to finance or refinance such project; and authorizing and approving the undertaking by the City of all necessary steps to comply with such Agreement, including paying in full when due the Service Fee and other amounts payable thereunder, and covenanting to make necessary appropriations in each of the City's fiscal years to provide for the Service Fee and other amounts due thereunder; all under certain terms and conditions.
Body
WHEREAS, The City of Philadelphia (the "City") desires to undertake a project (the "4601 Market Project") consisting of: (i) the acquisition from the Philadelphia Authority for Industrial Development of an approximately fifteen-acre tract of land together with the improvements thereon (the "Facility") situated in the City in the area bounded by 46th Street, Market Street, Haverford Avenue, and 48th Street, known as 4601 Market Street; (ii) the demolition, remediation, renovation and equipping of the Facility as the headquarters of the City's Police Department and for certain public safety and health related uses; (iii) the construction of parking accommodations and other capital improvements to the Facility; and (iv) the financing of interest on the Obligations (as defined herein); and
WHEREAS, The City, by separate ordinance, has ...
Click here for full text