Title
Approving the Lease Amendment, Assignment and Assumption Agreement of the Philadelphia Redevelopment Authority for the redevelopment and urban renewal of a portion of the Center City Redevelopment Area, identified as a portion of 2025-29 Chestnut street, including floors four through seven and a portion of the first floor; and authorizing the Redevelopment Authority to execute the Lease Agreement, Assignment and Assumption Agreement with MF Mid City LLC and to take such action as may be necessary to effectuate the Lease Amendment, Assignment and Assumption Agreement.
Body
WHEREAS, In accordance with the provisions of the Urban Redevelopment Law, being the Act of May 24, 1945, P.L. 991, as amended and supplemented, the City Planning Commission of the City of Philadelphia (hereinafter "Commission") has on January 8, 1963, certified the Center City Redevelopment Area (hereinafter "Center City") as a redevelopment area and has completed a detailed redevelopment area plan for Center City dated December 19, 1967, as amended; and
WHEREAS, The Council of the City of Philadelphia adopted Resolution No. 970721 on November 13, 1997 authorizing the Redevelopment Authority to enter into a lease with Mid-City Residential Associates, L.P. (hereinafter "Mid-City LP"); and
WHEREAS, The Redevelopment Authority entered into a lease with Mid-City LP dated November 14, 1997, which was amended by an Amended and Restated Lease dated February 12, 1998 (hereinafter collectively referred to as the "Lease"), to lease to Mid-City LP a portion of Center City, identified as a portion of the seven story building known as Mid-City Y located at 2025-2029 Chestnut street (the "Property"), which included floors four through seven and a portion of the first floor (the "Leased Premises"); and
WHEREAS, The Council of the City of Philadelphia adopted Resolution No. 160339 on April 28, 2016 authorizing the Redevelopment Authority to enter into an Assignment, Assumption and Consent Agreement...
Click here for full text