Authorizing the Philadelphia Redevelopment Authority to use NTI bond proceeds for the acquisition of 4700 Parkside avenue located in the Fourth Councilmanic District, under certain terms and conditions.

WHEREAS, In April 2001, Mayor Street unveiled his Neighborhood Transformation Initiative (“NTI”), a five-year strategic plan to preserve and rebuild Philadelphia Neighborhoods by eliminating blighting conditions; creating opportunities for redevelopment and investment, and improving the delivery of City services; and

WHEREAS, On February 28, 2002, this Council approved Bill No. 020036, authorizing the issuance of Bonds to fund various programs and activities that support NTI's goals and objectives, including the demolition of dangerous and unsafe residential, commercial and industrial buildings, the assembly of land for development, housing and neighborhood preservation investments, and improvements in management information systems and technologies; and

WHEREAS, Bill No. 020036 provides that “No real estate or any interest in any real estate shall be acquired with the proceeds of any Bonds until the Mayor shall have submitted to City Council and City Council shall have approved by resolution a Land Bank management program, unless City Council shall have specifically approved such acquisition by resolution or ordinance”; and

WHEREAS, The City and the Philadelphia Redevelopment Authority intend to pursue the use of NTI bond proceeds to assist in the acquisition of land and propose that City Council authorize the use of bond proceeds for such purposes; now, therefore,

BE IT RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That the Philadelphia Redevelopment Authority may use proceeds of bonds issued pursuant to the authority of Bill No. 020036 to fund the acquisition of 4700 Parkside avenue, the agreement of the Fourth District Council person having been obtained.

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