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Approving the Assignment, Assumption and Consent Agreement of the Philadelphia Redevelopment Authority for the redevelopment and urban renewal of a portion of the Center City Redevelopment Area, designated as Parcel 1A (Electrical Room), Parcel 1B (Mechanical and Trash Rooms), Parcel 1C (SRO Storage Room), Parcel 1D (Lobby and Offices), Parcel 1E (Storage and Trash Rooms) and Parcel 1F (Floors four through seven) and identified as certain air rights of portions within 2025-2029 Chestnut street; and authorizing the Redevelopment Authority to execute the Assignment, Assumption and Consent Agreement with 1260 Housing Development Corporation and to take such action as may be necessary to effectuate the Assignment, Assumption and Consent Agreement.
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WHEREAS, In accordance with the provisions of the Urban Redevelopment Law, being the Act of May 24, 1945, P.L. 991, as amended and supplemented, the City Planning Commission of the City of Philadelphia (hereinafter "Commission") has on January 8, 1963, certified the Center City Redevelopment Area (hereinafter "Center City") as a redevelopment area and has completed a detailed redevelopment area plan for Center City dated December 19, 1967, as amended; and
WHEREAS, The Council of the City of Philadelphia adopted Resolution No. 970721 on November 13, 1997 authorizing the Redevelopment Authority to enter into a Lease with Mid-City Residential Associates, L.P. (hereinafter "Original Lessee"); and
WHEREAS, The Redevelopment Authority entered into a Lease with the Original Lessee dated November 14, 1997, which was amended by an Amended and Restated Lease dated February 12, 1998 (hereinafter collectively referred to as the "Lease"); and
WHEREAS, Original Lessee would like to assign its rights under the Lease to 1260 Housing Development Corporation (hereinafter "Assignee") who has agreed to assume the obligations of the Original Lessee under the Lease; and
WHEREAS, The Redevelopment Authority has ...
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