WHEREAS, Chapter 16-700 of The Philadelphia Code authorized the creation of the Philadelphia Land Bank and provides, in part, that a primary purpose of the Land Bank is to acquire and consolidate surplus property of the City of Philadelphia with due speed and diligence; and
WHEREAS, The Commonwealth enabling legislation allows the City to exempt the land bank from certain municipal claims and charges; now, therefore
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1.
Chapter 16-700 of The Philadelphia Code is hereby amended to read as follows:
CHAPTER 16-700 PHILADELPHIA LAND BANK.
§ 16-705. Acquisition.
For the duration of the time a property is held by the Land Bank, the Land Bank is authorized to exempt such property from all real estate taxes, water
,
[and] sewer
, stormwater
[charges,] and other municipal charges to the extent permitted by law.
SECTION 2.
This Ordinance shall take effect immediately upon becoming law.
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Explanation:
[Brackets] indicate matter deleted.
Italics
indicate new matter added.
End