Title
Approving the amendment and assignment agreement of the Philadelphia Redevelopment Authority for the redevelopment and urban renewal of a portion of the Franklin Urban Renewal Area, identified by house numbers and street addresses as 1001-1005 Vine street, 1007-1011 Vine street and 314 North Tenth street; and authorizing the Redevelopment Authority to execute the amendment and assignment agreement with 1001 Vine Street, LP and Eastern Tower QALICB, LLC and to take such action as may be necessary to effectuate the amendment and assignment agreement.
Body
WHEREAS, City Council adopted Resolution No. 141001 on December 11, 2014, which approved the redevelopment contract and disposition supplement (collectively, the "Redevelopment Contract") of the Philadelphia Redevelopment Authority (hereinafter "Redevelopment Authority") for the redevelopment of a portion of the Franklin Urban Renewal Area, as amended, identified by house numbers and street addresses as 1001-1005 Vine street, 1007-1011 Vine street and 314 North Tenth street (collectively, the "Properties"), and authorized the Redevelopment Authority to execute the Redevelopment Contract with 1001 Vine Street, LP (hereinafter "Redeveloper"); and
WHEREAS, The Redevelopment Contract permitted the Redeveloper to enter into a lease and option agreement ("Lease and Option Agreement") with a single purpose entity wholly owned by the Redeveloper (the "Lessee") to develop and operate a portion of the project included in the Redevelopment Contract for commercial uses (the "Commercial Component") and to transfer the Commercial Component to the Lessee upon issuance of a certificate of completion; and
WHEREAS, The Redeveloper has subsequently requested that in lieu of the transaction contemplated by the Lease and Option Agreement, the Redeveloper would like approval to convert the Properties into a condominium consisting of a residential unit and a commercial unit (the "Commercial Unit"), assign the develo...
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