THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. The Commissioner of Public Property, on behalf of the City of Philadelphia as lessee, is hereby authorized to enter into a ground lease agreement ("Lease") with the City of Philadelphia Board of Directors of City Trusts, acting as Trustee under the Will of Stephen Girard, as lessor for lease of property located at the northeast corner of South 20th and Shunk Streets, as such property is more particularly described in Exhibit "1" attached hereto ("Property").
SECTION 2. The Lease shall be for a term of fifty (50) years and shall comply with the provisions of Section 8-200(3) of The Philadelphia Home Rule Charter. The City shall be responsible for the payment of all maintenance of the Property.
SECTION 3. The City Solicitor is hereby authorized to review and to approve the Lease and other documents necessary to effectuate this Ordinance, which Lease and documents shall contain such terms and conditions as the City Solicitor shall deem necessary and proper to protect the interests of the City of Philadelphia and to carry out the purpose of this Ordinance.
Exhibit "1"
Property Description
All that certain lot or piece of ground situate at the northeast corner of South 20th and Shunk Streets in the City of Philadelphia, Pennsylvania.
Containing in front on the said Shunk Street one hundred and seventy-three feet, and extending of that width in length or depth along the east side of South 20th Street and the west side of South Garnet Street one hundred and thirty-five feet.
End