Title
Approving the agreement of sale of the Philadelphia Redevelopment Authority for the redevelopment and urban renewal of a portion of the Model Cities Urban Renewal Area, to convey certain portions of property identified by house number and street address as 1600-1636 North Broad street; and authorizing the Redevelopment Authority to execute the agreement of sale with 1600 Broad Associates, L.P. and/or KBC 1600 Associates LP and to take such action as may be necessary to effectuate the agreement of sale.
Body
WHEREAS, The Philadelphia Redevelopment Authority (hereinafter "Redevelopment Authority") has prepared and submitted an urban renewal plan and a redevelopment proposal for the redevelopment of the Model Cities Urban Renewal Area (hereinafter "Model Cities"), which said plan and proposal were approved by Ordinance of the Council on December 15, 1969, as amended; and
WHEREAS, A portion of Model Cities, identified by house number and street address as 1600-1636 North Broad street (the "Property") was developed pursuant to an Amended and Restated Redevelopment Agreement between the Redevelopment Authority, Beech Interplex, Inc. (hereinafter "Beech"), and Tower Investments, Inc. (hereinafter "Tower") dated February 17, 2005 and an Assignment and Assumption Agreement between the Redevelopment Authority, Beech, Tower, and 1600 Broad Associates, L.P. dated February 17, 2005; and
WHEREAS, The Redevelopment Authority entered into a Ground Lease Agreement (hereinafter the "Lease") dated February 17, 2005 with Beech to lease the Property; and
WHEREAS, The Redevelopment Authority shall terminate the Lease as to all or a portion of the Property; and
WHEREAS, The Redevelopment Authority has prepared an agreement of sale to convey certain portions of the Property. The area of the Property is bounded as follows:
1600-1636 North Broad street.
Beginning at a point, said point being the intersection of the westerly side of Broad street (on...
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