PASSED

The enacted ordinance authorizes the Commissioner of Public Property to transfer, without payment, City-owned land and buildings at 313–325 Race Street to the Philadelphia Authority for Industrial Development (PAID). The transfer is subject to the Philadelphia Industrial and Commercial Development Agreement among the City, PAID, and the Philadelphia Industrial Development Corporation; any net sale proceeds are designated for the City’s General Fund.

Authorizing the Commissioner of Public Property to execute and deliver to The Philadelphia Authority for Industrial Development ("PAID"), without consideration, a deed conveying fee simple title to a certain tract of City-owned land with the buildings and improvements thereon, situate at 313, 315, 317, 319, 321, 323 and 325 Race street, under and subject to the terms and conditions of the Philadelphia Industrial and Commercial Development Agreement between the City, the PAID, and the Philadelphia Industrial Development Corporation.