Authorizing the Philadelphia Land Bank to dispose of 1600-40 N. 9th Street located in the 5th Councilmanic District in accordance with the terms of Chapter 16-700 of The Philadelphia Code.

WHEREAS, Section 16-706 of The Philadelphia Code authorizes the Philadelphia Land Bank (“Land Bank”) to convey, exchange, sell, transfer, lease, grant or mortgage interests in real property of the Land Bank in accordance with the requirements of

16-400

of The Philadelphia Code; and

WHEREAS, The Land Bank Board of Directors (the “Board”) has determined that it is in the best interest of the Land Bank to convey 1600-40 N. 9th Street (collectively, the “Property”) for participation in the Neighborhood Preservation Initiative’s Turn the Key program; now, therefore, be it

RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, AS FOLLOWS:

SECTION 1. The Philadelphia Land Bank is hereby authorized to transfer title to 1600-40 N. 9th Street to FE Oxford LLC pursuant to Chapter 16-700 of The Philadelphia Code and

Act 153 of 2012, 68 Pa. C.S.A. § 2101,

et seq

.

End