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
759, 761, 763, 773, 779, and 783 Pallas Street; 4041 Cambridge Street
(collectively, the “Property”) to
West NoMa Revitalization Group LLC
(the “Purchaser”) for the purchase price of Seven and 00/100 Dollars ($7.00) for the development of Seven (7) homes to be sold to households with an income at or below Eighty percent (80%) of Area Median Income and therefore eligible 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
759, 761, 763, 773, 779, and 783 Pallas Street; 4041 Cambridge Street
to
West NoMa Revitalization Group LLC
pursuant to Chapter 16-700 of The Philadelphia Code and
Act 153 of 2012, 68 Pa. C.S.A. § 2101,
et seq
.
End