THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Subject to Sections 2 through 4 of this Ordinance, the Commissioner of Public Property is hereby authorized to convey to the Philadelphia Authority for Industrial Development (PAID), for nominal consideration, all or any portion of those certain parcels of City-owned land commonly referred to as 16 South 34th Street, 18 South 34th Street, 3409-13 Ludlow Street, and 3415-17 Ludlow Street, as shown on the map attached hereto as Exhibit A; any City-owned land contiguous to any such parcel; and buildings and improvements, if any, located thereon (collectively, the Properties).
SECTION 2. Conveyance of these Properties to PAID shall be conditioned upon agreement by PAID to require an Economic Opportunity Plan in accordance with Section 17-1602 of The Philadelphia Code.
SECTION 3. Conveyance of these Properties to PAID shall be further conditioned upon agreement by PAID to remit to the City, for deposit in the General Fund, the net proceeds from the sale of the Properties by PAID.
SECTION 4. The City Solicitor is hereby authorized to review and approve all documents and agreements necessary to effectuate the transaction authorized by this Ordinance, and to impose such terms and conditions on them as the City Solicitor may deem necessary and proper to protect the interests of the City of Philadelphia and to carry out the purpose of this Ordinance.
Exhibit "A"
End