THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. The Commissioner of Public Property, on behalf of the City of Philadelphia, is hereby authorized to convey to the Philadelphia Authority for Industrial Development (“PAID”) the parcel of land situated at 2401 Chestnut Street (the “Property”), as more particularly identified on the Map attached as Exhibit “A” and in the legal description attached as Exhibit “B,” subject to retention of a right-of-way easement for sewer, drainage and bridge purposes, for further conveyance.
SECTION 2. Conveyance of the Property to PAID shall be conditioned upon a commitment by PAID to require an Economic Opportunity Plan in accordance with Section 17-1602 of the Philadelphia Code, as amended, executed by the party purchasing the Property in the subsequent conveyance.
SECTION 3. Pursuant to Section 11-405 of The Philadelphia Code, the Board of Surveyors of the Department of Streets is hereby authorized to plot on City Plan No. 307 a right-of-way easement for sewer, drainage and bridge purposes, said easement to be coterminous with the boundaries of the Property, as more particularly identified in the legal description attached as Exhibit “B.”
SECTION 4. The City Solicitor is hereby authorized to review and approve, prior to execution, all instruments and documents necessary to effectuate this Ordinance, which instruments, and documents shall contain such terms and conditions as the City Solicitor shall deem necessary and proper to protect the interests of the City.
EXHIBIT A
EXHIBIT B
LEGAL DESCRIPTION OF PROPERTY
2401 CHESTNUT STREET
End