Title
Authorizing the Director of Commerce and the Director of Finance to enter into amendments to multiyear agreements with the Philadelphia Authority for Industrial Development ("PAID"), the Philadelphia Redevelopment Authority, formerly known as the Redevelopment Authority of the City of Philadelphia ("PRA"), and other parties as necessary concerning the parking garage project constructed as part of the overall Market Street East - Gallery II Redevelopment Project, including an additional amendment to the agreement between the City and PAID, as amended, originally authorized by Bill No. 546 (approved June 15, 1993), and further authorizing the Director of Commerce and the Director of Finance, where necessary or prudent, to enter into ancillary agreements with any or all of PAID, PRA, Parametric Garage Associates ("Parametric"), a new lender to Parametric, and other parties under certain terms and conditions.
Body
WHEREAS, the "Industrial Commercial Project Development Assistance Ordinance," Bill No. 1148 (approved March 1, 1978), as amended by an Ordinance, Bill No. 1318 (approved May 19, 1978), and as further amended by an Ordinance, Bill No. 545 (approved June 15, 1993) (collectively, the "General Assistance Ordinance"), establishes a format for project-specific City financial assistance to the Philadelphia Authority for Industrial Development ("PAID"); and
WHEREAS, pursuant to an ordinance, Bill No. 1132 (approved March 4, 1982), the Director of Commerce entered into an agreement with PAID (the "1982 Agreement") pursuant to the General Assistance Ordinance providing for financial assistance by the City to PAID in connection with a parking garage project ("Gallery II Parking Garage Project") constructed as part of the overall Market Street East - Gallery II Redevelopment Project; and
WHEREAS, on March 24, 1982, PRA entered into a ground lease with Parametric Garage Associates ("Parametric") (the "Ground Lease") pursuant to w...
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