Authorizing the Philadelphia Land Bank to dispose of 3418, 3420, & 3422 Kensington Avenue located in the 7th 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 3418, 3420, & 3422 Kensington Avenue (collectively, the “Property”) to GM Holdings, LLC (the “Purchaser”) for the purchase price of Ninety-Five Thousand and 00/100 Dollars ($95,000.00) for the business expansion of a parking lot; 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 3418, 3420, & 3422 Kensington Avenue to GM Holdings, LLC pursuant to Chapter 16-700 of The Philadelphia Code and

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

et seq

.

End