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, Subsection 16-404(3)(f) of The Philadelphia Code requires compliance with
Subsection 16-601(1) of The Philadelphia Code; and
WHEREAS, Subsection 16-601(1)(c) of The Philadelphia Code provides that a material change to the project plans requires Council’s prior approval by resolution; and
WHEREAS, The project as approved by Council Resolution No. 240287 is being revised to
increase the building square footage for each homeownership unit in the project by more than fifteen percent (15%) and the sale price for each unit to be increased accordingly, with the units remaining affordable to households at the approved income level; 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 708 N. Shedwick Street, 710 N. Shedwick Street, 714 N. Shedwick Street and 723 N. Shedwick Street for the development of homeownership units as revised; 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 708 N. Shedwick Street, 710 N. Shedwick Street, 714 N. Shedwick Street and 723 N. Shedwick Street pursuant to Chapter 16-700 of The Philadelphia Code and
Act 153 of 2012, 68 Pa. C.S.A. § 2101,
et seq
.
End