Authorizing the Commissioner of Public Property to execute and deliver to the Philadelphia Authority for Industrial Development a deed conveying, for nominal consideration, fee simple title to a certain irregularly shaped portion of 250 Fountain Street, on the southwest corner of the intersection of Silverwood and Fountain Streets, with the improvements thereon, for further conveyance at fair market value.

DRAFT 32/24/045

AN ORDINANCE

Title

Authorizing the Commissioner of Public Property to execute and deliver to the Philadelphia Authority for Industrial Development a deed conveying, for nominal consideration, fee simple title to a certain irregularly shaped portion of 250 Fountain Street, on the southwest corner of the intersection of Silverwood and Fountain Streets, with the improvements thereon, for further conveyance at fair market value.

Body

THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1.

The Commissioner of Public Property is hereby authorized to execute and deliver to the Philadelphia Authority for Industrial Development a deed conveying, for nominal consideration, fee simple title to a certain irregularly shaped portion of 250 Fountain Street, on the southwest corner of the intersection of Silverwood and Fountain Streets, as described below, with the improvements thereon, for further conveyance by the Philadelphia Authority for Industrial Development at fair market value, with the net proceeds to be returned to the General Fund:

BEGINNING

at the point on the southwesterly side of Silverwood Street (50’ wide, legally open) at the distance of 63.687’ northwestwardly from the intersection of the said southwesterly side of Silverwood Street and the northwesterly side of Fountain Street (50’ wide, legally open);

THENCE

extending the following six (

6

) courses and distances along the southeasterly face of a certain brick retaining wall. (

1

) Partly along the southeasterly face of the said brick retaining wall S.72°36’30”W. the distance of 26.800’ to a point of curve; (

2

) on the arc of a circle curving to the left having a radius of 16.000’ the arc distance of 11.397’ to a point of reverse curve; (

3

) on the arc of a circle curving to the right having a radius of 17.000’ the arc distance of 27.771’ to a point of reverse curve; (

4

) on the arc of a circle curving to the left having a radius of 13.000’ the arc distance of 15.219’ to a point of tangency; (

5

)

THENCE

extending S.58°18’58”W. the distance of 163.000’ to a point of curve; (

6

) on the arc of a circle curving to the left having a radius of 10.000’ the arc distance of 16.413’ to a point on the southeasterly end of the said brick retaining wall;

THENCE

extending S.73°51’30”W. the distance of 14.239’ to a point;

THENCE

extending N.16°08’30”W. the distance of 44.024’ to a point;

THENCE

extending N.64°38’30”E. the distance of 252.012’ to a point on the said southwesterly side of Silverwood Street;

THENCE

extending southeastwardly along the said southwesterly side of Silverwood Street S.25°21’30”E. the distance of 29.896’ to the first mentioned point and place of

BEGINNING

.

CONTAINING

in area 6,811 sq. ft. or 0.15636 acres.

SECTION 2.

The City Solicitor is hereby authorized to review and to approve 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 interests of the City.

End