Title
Approving the redevelopment contract of the Philadelphia Redevelopment Authority for the redevelopment and urban renewal of a portion of the Model Cities Urban Renewal Area, identified by house numbers and street addresses as 427-435 Master street and 1401-1425 North Fifth street and the lease agreement for 427-435 Master street; and authorizing the Redevelopment Authority to execute the redevelopment contract and lease agreement with 435 Master Street, L.P. and to take such action as may be necessary to effectuate the redevelopment contract.
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, The Redevelopment Authority has prepared a redevelopment contract for a portion of Model Cities, identified by house numbers and street addresses as 427-435 Master street (the "Master Street Property") and 1401-1425 North Fifth street (the "Fifth Street Property") and a lease agreement for the Master Street Property. The Master Street Property and the Fifth Street Property shall be collectively referred to herein as the "Properties"; and
WHEREAS, The Redevelopment Authority is the owner of the Master Street Property. The Umbrella Factory, L.P., which is controlled by the same principals as the principals of 435 Master Street, L.P., is the owner of the Fifth Street Property; and
WHEREAS, The Master Street Property will be developed into a parking lot to serve the tenants of the Fifth Street Property. As a condition of entering into the redevelopment contract and lease agreement for the Master Street Property, the Redevelopment Authority required that the Fifth Street Property be included in the Redevelopment Agreement; and
...
Click here for full text