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File #:
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241011
Version:
0
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Name:
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Type:
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COMMUNICATION
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Status:
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PLACED ON FILE
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Title:
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Transmitting an Ordinance to grant the necessary authorizations for the City to help facilitate development, construction, and operation of a new arena for the Philadelphia 76ers professional basketball team and for other uses, including authorizing the Commissioner of Public Property and such other City officials as may be appropriate, on behalf of the City, to enter into the following agreements and take the following actions: (1) acquire fee simple title to all or portions of 1001-1025 Filbert Street, 1001-1019 Market Street, and 1025 Market Street (together, the "Market and Filbert Street Properties"); (2) acquire fee simple title to other parcels of land, aerial areas and subsurface areas in the vicinity of the Market and Filbert Street Properties including, without limitation, those areas reverting to the City or other parties in connection with the striking of certain aerial portions of Tenth Street between Market Street and Filbert Street (the "Additional Properties") and certa...
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Title
Transmitting an Ordinance to grant the necessary authorizations for the City to help facilitate development, construction, and operation of a new arena for the Philadelphia 76ers professional basketball team and for other uses, including authorizing the Commissioner of Public Property and such other City officials as may be appropriate, on behalf of the City, to enter into the following agreements and take the following actions: (1) acquire fee simple title to all or portions of 1001-1025 Filbert Street, 1001-1019 Market Street, and 1025 Market Street (together, the “Market and Filbert Street Properties”); (2) acquire fee simple title to other parcels of land, aerial areas and subsurface areas in the vicinity of the Market and Filbert Street Properties including, without limitation, those areas reverting to the City or other parties in connection with the striking of certain aerial portions of Tenth Street between Market Street and Filbert Street (the “Additional Properties”) and certain other nearby parcels and areas; (3) enter into a ground lease agreement (the “Lease”) with the Philadelphia Authority for Industrial Development (“PAID”) under which the City would lease to PAID all or a portion of the Market and Filbert Street Properties and the Additional Properties, if any, and other parcels and subsurface areas the City now owns in the vicinity of those properties, all of which collectively would constitute the “Arena Site”; (4) join in or consent to a sublease and development agreement (the “Sublease”) between PAID and either CBL Arena LLC (“ArenaCo”), an entity affiliated with the Philadelphia 76ers, L.P. (the “76ers”), or another entity affiliated with the 76ers, under which ArenaCo or other 76ers related entity would sublease the Arena Site and cause an arena to be constructed on it, including a multi-purpose sports and entertainment facility and ancillary, accessory, and related amenities, improvements, and infrastructure (the “Arena”) and agree to other related conditions; (5) upon the expiration or termination of the Sublease or other circumstances set forth in the Sublease, convey fee simple title to the Arena Site to PAID for disposition to ArenaCo; (6) grant, accept, amend, relocate and extinguish easements, agreements, conditions, covenants and restrictions encumbering or benefitting the Arena Site and any City owned property adjacent to the Arena Site for the benefit of the Arena Site to facilitate construction and operation of the Arena; (7) enter into a direct operating covenants agreement among the 76ers, PAID and the City, under which the 76ers agree to play substantially all of their regular season and playoff home games in the Arena; and (8) take all actions necessary and appropriate to accomplish the intent and purpose of this Ordinance; all under certain terms and conditions.
End
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