Authorizing the Commissioner of Public Property, on behalf of the City, to convey to the Philadelphia Authority for Industrial Development a parcel of land situate at 2401 Chestnut Street, for further conveyance, and authorizing the plotting upon City Plan No. 307 a right-of-way for bridge repair, maintenance and/or reconstruction purposes and for stormwater sewer and drainage purposes, all under certain terms and conditions.

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”), for further conveyance, the parcel of land situate 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 bridge repair, maintenance and/or reconstruction purposes and for stormwater sewer and drainage purposes.

SECTION 2. Conveyance of the Property to PAID shall include 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 from PAID in the subsequent conveyance.

SECTION 3. Pursuant to Chapter 11-400 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 area for bridge repair, maintenance and/or reconstruction purposes and for stormwater sewer and drainage purposes, said easement area to be coterminous with the boundaries of the Property, as more particularly identified in the legal description attached as Exhibit “B”, with the portions of such easement area to be used for bridge repair, maintenance and/or reconstruction purposes and for stormwater sewer and drainage purposes, and the terms and conditions of the aforesaid right of way easement, to be set forth in the deed of conveyance to PAID.

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

MAP OF PROPERTY

2401 CHESTNUT STREET

EXHIBIT B

LEGAL DESCRIPTION OF PROPERTY

2401 CHESTNUT STREET