Title
Approving the Fourteenth Amendment to Redevelopment Agreement of the Philadelphia Redevelopment Authority for the redevelopment and urban renewal of a portion of the University City Unit 3 Urban Renewal Area, identified as Parcel No. 13A and Parcel No. 13C; and authorizing the Redevelopment Authority to execute the Fourteenth Amendment to Redevelopment Agreement with University City Science Center and to take such action as may be necessary to effectuate the Fourteenth Amendment to Redevelopment Agreement.
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 University City Unit 3 Urban Renewal Area (hereinafter "University City Unit 3"), which said plan and proposal were approved by Ordinance of the Council on September 17, 1965, as amended; and
WHEREAS, The Philadelphia Redevelopment Authority (the "Authority") entered into a Redevelopment Agreement with University City Science Center ("Redeveloper") dated November 26, 1965, for the development of certain parcels of property located within the University City Unit 3, including two (2) undeveloped parcels identified as "Parcel 13A" and "Parcel 13C" (collectively, the "Properties"), which are owned by the Redeveloper; and
WHEREAS, The Authority and the Redeveloper subsequently executed First, Second, Third, Fourth, Fifth, Sixth, Seventh, Eighth, Ninth, Tenth, Eleventh, Twelfth and Thirteenth Amendatory Agreements, and other Extension Agreements; and
WHEREAS, The Redeveloper has completed construction on eighteen (18) of the original twenty (20) parcels conveyed subject to the Redevelopment Agreement, and only the Properties remain undeveloped; and
WHEREAS, The Redevelopment Authority has prepared a Fourteenth Amendment to Redevelopment Agreement (hereinafter "Fourteenth Amendment") for the Properties, which includes the detailed Design Development Plans f...
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