Authorizing the City of Philadelphia to enter into lease agreements with the Philadelphia Authority for Industrial Development under which the City would lease to PAID on a project-by-project basis certain land and facilities in the Fairmount Park system, recreation centers, playgrounds and branches in the Free Library of Philadelphia system, and which would permit PAID to sublease such Facilities on a project-by-project basis to other organizations in conformity with the Economic Development Financing Law, Act 1967-102 (P.L. 251), as amended, all under certain terms and conditions.
WHEREAS, The City of Philadelphia has authorized the issuance of certain bonds (“Rebuild Bonds”) by the Philadelphia Authority for Industrial Development (“PAID”) for improvements to certain land and facilities in the Fairmount Park system, recreations centers, playgrounds and branches in the Free Library of Philadelphia system (collectively, the “Facilities”), by ordinance, Bill No. 170206, signed into law on June 28, 2017;
WHEREAS, Bill No. 170206 established certain requirements, including submittal of a Project Statement, an annual line-item budget and an Economic Opportunity Plan for approval by Resolution, that must be met prior to conveying interests in City-owned real estate for purposes related to the Rebuild Bonds; and
WHEREAS, The requirements of Bill No. 170206 have been met; NOW THEREFORE,
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. This Commissioner of Public Property, the Commissioner of Parks and Recreation, and the Director of the Free Library of Philadelphia, on behalf of the City of Philadelphia, are authorized to enter into lease agreements (“Leases”) with PAID, substantially in the form of Exhibit “A”
attached to this ordinance, under which the City would lease to PAID on a project-by-project basis the Facilities as identified in Exhibit “B,” and which would permit PAID to sublease some or all of the individual Facilities on a project-by-project basis to charitable organizations that wish to make capital repairs, renovations, and improvements to the Facilities.
SECTION 2. This ordinance authorizes the City Solicitor to review and approve the Leases and all instruments and documents necessary to effectuate this Ordinance, including PAID’s form of sublease and also authorizes the appropriate City officials to execute and deliver those instruments and documents. In accordance with this ordinance, the City Solicitor may require in those documents all provisions the City Solicitor determines are ncessary and proper to protect the interests of the City of Philadelphia and carry out the purpose of this Ordinance.
End
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