THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. City Council shall not approve any real estate transactions involving the Philadelphia Authority for Industrial Development ("PAID"), authorized pursuant to Bill No. 1048 (1974 Ordinances p.316), until such time as the City and PAID have entered into an agreement requiring PAID to obtain the approval of City Council, by Resolution, before acquiring property from any non-City government agency.
SECTION 2. Amend Section 3 of Bill No. 1048 (1974 Ordinances P.316) to read as follows:
SECTION 3. Upon recommendation by the Mayor and approval of the Council, the City may from time to time by ordinance authorize the conveyance, by sale or lease, of real property of the City to the Authority, with or without consideration, pursuant to the Industrial and Commercial Development Authority Law, Act of August 23, 1967, P.L.251, 73 P.S. 371 et seq., as amended. No ordinances authorizing such conveyance shall be enacted by the Council without first receiving the recommendation of the City Planning Commission as provided in Section 2-307 of the Home Rule Charter. Provided that no conveyance of real estate by the City to the Authority shall be effective until such time as the City and the Authority have entered into an agreement requiring the Authority to obtain the approval of City Council, by Resolution, before acquiring property from any non-City government agency.
End