Title
Authorizing the Philadelphia Gas Works by Philadelphia Facilities Management Corporation, Philadelphia Municipal Authority, and the Commissioner of Public Property (on behalf of The City of Philadelphia) to enter into certain transactions and contracts regarding a liquefied natural gas project on property and facilities owned by the City of Philadelphia and operated by the Philadelphia Gas Works, including certain leases and licenses, and contracts related to the purchase of natural gas, all under certain terms and conditions.
Body
WHEREAS, The Philadelphia Municipal Authority (the "Authority"), incorporated pursuant to the Municipality Authorities Act, 53 Pa. C. S. Ch. 56 (as amended from time to time, the "Act"), is authorized by Ordinance approved April 3, 2014 (Bill No. 140073), to undertake any project (as defined in the Act) that the Authority is specifically authorized to undertake from time to time by ordinance of the City Council; and
WHEREAS, The Philadelphia Gas Works ("PGW") by Philadelphia Facilities Management Corporation ("PFMC"), has requested that the Authority undertake a project whose purpose is to provide liquefied natural gas ("LNG") equipment and ancillary facilities and services (the "Project") at PGW's Passyunk LNG Plant, and to a lesser extent, PGW's Richmond LNG Plant; and
WHEREAS, Liberty Energy Trust GP, LLC, through its affiliate, a newly formed special-purpose entity, Passyunk Energy Center LLC ("PEC"), has been selected through a competitive process to develop and finance facilities for the Project and, in connection therewith, to purchase and sell LNG services and/or gas; and
WHEREAS, The Project will require the Authority to enter into contracts with The City of Philadelphia (the "City"), PEC, and PGW, including certain leases and licenses respecting property owned by the City and operated by PGW, and other contracts related to the purchase of gas; and
WHEREAS, Paragraph 2 of Section II of the agreement dated December ...
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