Authorizing the Philadelphia Authority for Industrial Development to purchase properties located at 1627-33 South Forty-ninth Street, 1700 South Forty-ninth Street, 2751 South Fifty-eighth Street, 5736 Eastwick Avenue, and 1601-03 South Forty-ninth Street in the Twenty-seventh, Fifty-first, and Fortieth Wards of the City of Philadelphia, under certain terms and conditions.

THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

Section 1. The Philadelphia Authority for Industrial Development (“PAID”), is hereby authorized to purchase, for a consideration not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00) not including settlement and other incidental costs, and subject to the terms and conditions of the Philadelphia Industrial and Commercial Development Agreement between the City, PAID, and the Philadelphia Industrial Development Corporation (“PIDC”), properties located at 1627-33 South Forty-ninth Street, 1700 South Forty-ninth Street, 2751 South Fifty-eighth Street, 5736 Eastwick Avenue, and 1601-03 South Forty-ninth Street in the Twenty-seventh, Fifty-first, and Fortieth Wards of the City of Philadelphia.

Section 2. The City Solicitor is hereby authorized to review and to approve, prior to execution, all instruments and documents necessary to effectuate this Ordinance, which instruments and documents shall contain such terms and conditions as the City Solicitor shall deem necessary and proper to protect the interest of the City and to carry out the purposes of the Philadelphia Industrial and Commercial Development Agreement and this Ordinance.

Section 3. The Industrial and Commercial Development Revolving Fund shall be charged for the purchase price of the parcels and incidental expenses, including settlement cost.

End