Approving the action of the Boards of the Philadelphia Industrial Development Corporation and the Philadelphia Authority for Industrial Development to sell Parcel E-18, in the Eastwick Urban Renewal Area - Stage "A" Industrial, containing approximately two acres to Peter A. Carrea.

WHEREAS, The Council of the City of Philadelphia, by Ordinance Number 916, approved November 20, 1973, has authorized and approved the execution of a Redevelopment Agreement between the Redevelopment Authority of the City of Philadelphia and the Philadelphia Industrial Development Corporation, PIDC-Financing Corporation, and the Philadelphia Authority for Industrial Development (hereinafter "Redeveloper") for the redevelopment and urban renewal of the Eastwick Urban Renewal Area - Stage "A" Industrial; and

WHEREAS, The Philadelphia Authority for Industrial Development has purchased from the Redevelopment Authority of the City of Philadelphia the required land under the terms and conditions of the aforesaid Redevelopment Agreement; and

WHEREAS, City Council did reserve unto itself the Right of Approval, by Resolution, for each transaction completed by the Redeveloper under the terms and conditions of the aforesaid Redevelopment Agreement; and

WHEREAS, Peter A. Carrea, owner of Winner Lincoln-Mercury, Inc., proposes to use Parcel E-18 in the Eastwick Urban Renewal Area - Stage "A" Industrial, for automotive-related activities, thereby creating sixty jobs; and

WHEREAS, The Redeveloper, upon the unconditional approval of its Executive Boards and review by the Redevelopment Authority of the City of Philadelphia, has agreed to sell to Peter A. Carrea Parcel E-18 in the Eastwick Urban Renewal Area - Stage "A" Industrial, containing approximately two acres, more fully described as follows:

ALL THAT CERTAIN lot or piece of ground with the buildings and improvements erected thereon, situate in the Fortieth Ward of the City of Philadelphia, and described as follows (subject to an official survey and plan):

BEGINNING at a point on the northwesterly side of Holstein avenue (one hundred feet wide) at a distance of one hundred feet from the southwesterly side of Seventieth street (eighty-eight feet wide) produced; thence extending along the said northwesterly side of Holstein avenue, the distance of twenty-two feet four inches to a point of curve; thence along the arc of a circle curving to the left having a radius of five hundred ninety-four and thirty-three one hundred-thousandths feet, the arc distance of sixty-seven feet to a point; thence in a southwestwardly direction two hundred sixty feet to a point on the said southwesterly side of Seventieth street three hundred twenty-nine feet to a point of tangent; thence along the arc of a circle curving to the right, having a radius of one hundred feet to the arc distance of one hundred fifty-seven feet one inch to a point, being the first mentioned point and place of beginning.

CONTAINING in area two and nineteen hundredths acres.

NOW THEREFORE, RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That this transaction for the land described herein is hereby approved so that the redevelopment and urban renewal of the Eastwick Urban Renewal Area may proceed in a manner most beneficial to the City of Philadelphia.

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