WHEREAS, The Ordinance that created the Neighborhood Transformation Initiative requires approval of City Council prior to the acquisition of any property using Neighborhood Transformation Initiative bond proceeds; and
WHEREAS, The Neighborhood Transformation Initiative Program Statement and Budget has established funding for the acquisition of real property in the 7th Council District; and
WHEREAS, The acquisition of 4204-14 Kensington Avenue is critical to the revitalization of the community; now therefore
RESOLVED, BY THE COUNCIL OF THE CITY OF PHIILADELPHIA, That Neighborhood Transformation Initiative bond proceeds, allocated to the 7th Council District, in an amount not to exceed five hundred thousand dollars ($500,000) are authorized for the purpose of acquiring ownership of 4204-14 Kensington Avenue.
End