THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. The Ordinance approved November 24, 1997 (Bill No. 970270) is hereby amended to read as follows:
SECTION 1. The Commissioner of Public Property is hereby authorized to execute and delivery to the Philadelphia Authority for Industrial Development (PAID), without consideration, a deed conveying fee simple title to the following described tract of ground, subject however to all the terms and conditions of the Philadelphia Industrial and Commercial Development Agreement between the City, PAID, and the Philadelphia Industrial Development Corporation
except that, notwithstanding any contrary requirements of said Agreement, PAID is authorized to reconvey the property for nominal consideration
, as follows:
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SECTION 2. This Ordinance shall take effect immediately.
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Explanation:
Italics
indicate new matter added.
End