WHEREAS, Bill No. 010500 authorizes the President of the Fairmount Park Commission and the Executive Director of Fairmount Park, on behalf of the City of Philadelphia, to enter into a ground lease with the Philadelphia Authority for Industrial Development ("PAID"), under which the City would lease approximately seven acres of Gustine Recreation Center to PAID and pursuant to which PAID would enter into a ground sublease with the Philadelphia Youth Tennis, Inc. ("PYT"), a private, not-for-profit corporation, under which PYT would construct and maintain indoor and outdoor tennis courts and ancillary facilities; and
WHEREAS, Bill No. 010500 was passed by City Council on June 12, 2003 and signed into law by the Mayor on July 31, 2003; and
WHEREAS, Section 1 of Bill No. 010500 provides that the lease "shall not be executed until approved by Council by resolution"; and
WHEREAS, Since enactment of Bill No. 010500, PYT has changed its name to Arthur Ashe Youth Tennis and Education, Inc., and the lease and sublease reflect that change; and
WHEREAS, The lease, sublease and attachments thereto have been completed and are set forth as Exhibit A; now therefore
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That this body hereby approves the lease and sublease.
FURTHER RESOLVED, That the Chief Clerk of City Council shall keep on file and make available to the public for inspection during regular office hours the exhibit referred to in this Resolution.
End