Authorizing the Philadelphia Land Bank to dispose of 708 N. Shedwick Street, 710 N. Shedwick Street, 714 N. Shedwick Street and 723 N. Shedwick Street located in the 3rd 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, 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