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File #: 180659    Version: 0 Name:
Type: Resolution Status: ADOPTED
File created: 6/14/2018 In control: CITY COUNCIL
On agenda: Final action: 6/21/2018
Title: Approving the agreements 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 agreements of sale with Beech Interplex, Inc. and 1600 Venture LLC and to take such action as may be necessary to effectuate the agreements of sale.
Sponsors: Council President Clarke, Councilmember Greenlee
Indexes: MODEL CITIES URBAN RENEWAL AREA
Attachments: 1. Resolution No. 18065900.pdf, 2. Signature18065900.pdf
Title
Approving the agreements 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 agreements of sale with Beech Interplex, Inc. and 1600 Venture LLC and to take such action as may be necessary to effectuate the agreements 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; and

WHEREAS, The Redevelopment Authority has prepared agreements of sale to convey the Property as two parcels to two different buyers. 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 (one hundred and thirteen feet wide) and th...

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