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. 240949, is being revised to
increase the sale price for each unit to Two Hundred and Eighty Thousand dollars ($280,000), and increase the affordability levels to at or below One Hundred percent (100%) of the Area Median Income (AMI); 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 1520-40 Venango Street and 1600-20 Venango Street that will be eligible for participation in the Neighborhood Preservation Initiative’s Turn the Key program 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 under the revised project requirements to 1520-40 Venango Street and 1600-20 Venango Street pursuant to Chapter 16-700 of The Philadelphia Code and
Act 153 of 2012, 68 Pa. C.S.A. § 2101,
et seq
.
End