WHEREAS,
Under the terms of an agreement with the now-defunct Philadelphia Transportation Company, the Southeastern Pennsylvania Transportation Authority acquired properties from the Philadelphia Transportation Company and certain of its subsidiaries, and leasehold estates in respect of transit facilities owned by the City of Philadelphia; and
WHEREAS, The Lease regarding the Philadelphia Transit System, made as of September 27, 1968, lists the City of Philadelphia as Lessor, and the Southeastern Pennsylvania Transportation Authority as Lessee; and
WHEREAS, The term of the Lease shall expire when the Southeastern Pennsylvania Transportation Authority makes the last payment of Fixed Rent or Cumulative Additional Rent, or on December 31, 2005, whichever is later; and
WHEREAS, The Authority’s projected $55 million deficit in Fiscal Year 2004, and the resultant service cuts, would disproportionately effect the citizens of Philadelphia, who contribute the highest subsidy of the five counties served by the Authority, and the highest portion of the Authority’s fare box revenue; and
WHEREAS, The City of Philadelphia, in the interest of the Authority’s Philadelphia ridership, is obligated to examine the City’s stake in the Authority’s infrastructure through the Lease agreement; now therefore
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That the Committee on Transportation and Public Utilities is hereby authorized to hold hearings regarding the Philadelphia Transit System Lease between the City of Philadelphia and the Southeastern Pennsylvania Transportation Authority; and, be it
FURTHER RESOLVED, That in furtherance of such an investigation, the Committee is hereby authorized to issue subpoenas as may be necessary or appropriate to compel the attendance of witnesses and the production of documents to the full extent authorized under Section 2-401 of the Philadelphia Home Rule Charter.
End