Authorizing the Philadelphia Land Bank to dispose of 3001 Martha Street, now subdivided resulting in the creation of twenty (20) individual parcels known as 3011, 3013, 3015, 3017, 3019, 3021, 3023, 3025, 3027, 3029, 3031, 3033, 3035, 3037, 3039, 3041, 3043, 3045, 3047 and 3049 Martha Street located in the 1st 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 Chapter

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) provides that a material change requires Council’s prior approval by resolution;

and

WHEREAS, The project, as approved by Council Resolution No. 230046, 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 3001 Martha Street, now subdivided resulting in the creation of twenty (20) individual parcels known as 3011, 3013, 3015, 3017, 3019, 3021, 3023, 3025, 3027, 3029, 3031, 3033, 3035, 3037, 3039, 3041, 3043, 3045, 3047 and 3049 Martha Street (collectively, the “Property”) for the development of homeownership housing, as revised. The homes to be developed on 3001 Martha Street, now subdivided resulting in the creation of twenty (20) individual parcels known as 3011, 3013, 3015, 3017, 3019, 3021, 3023, 3025, 3027, 3029, 3031, 3033, 3035, 3037, 3039, 3041, 3043, 3045, 3047 and 3049 Martha Street will be 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

3001 Martha Street, now subdivided resulting in the creation of twenty (20) individual parcels known as 3011, 3013, 3015, 3017, 3019, 3021, 3023, 3025, 3027, 3029, 3031, 3033, 3035, 3037, 3039, 3041, 3043, 3045, 3047 and 3049 Martha Street

pursuant to Chapter 16-700 of The Philadelphia Code and Act 153 of 2012, 68 Pa. C.S.A. § 2101,

et seq.

, for the revised project.

End