Authorizing the Philadelphia Land Bank to dispose of 2843-2861 Janney Street and 2842-2860 Weikel Street located in the 1st 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 2843-2861 Janney Street and 2842-2860 Weikel Street (collectively, the “Property”) to Janney Street Apartments, LP (the “Purchaser”) for the purchase price of One and 00/100 Dollars ($1.00) for the development of affordable senior rental units; 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 2843-2861 Janney Street and 2842-2860 Weikel Street to Janney Street Apartments, LP pursuant to Chapter 16-700 of The Philadelphia Code and

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

et seq

.

End