PASSED

This enacted ordinance authorizes the Philadelphia Authority for Industrial Development (PAID) to purchase the approximately 66.4-acre property at 4501 Richmond Street for up to $3.32 million, under the city’s industrial and commercial development agreement with PAID and PIDC. The purchase price and related settlement costs will be paid from the Industrial and Commercial Development Revolving Fund.

Authorizing the Philadelphia Authority for Industrial Development ("PAID") to purchase a certain 66.4-acre tract of land situate at 4501 Richmond street, for a consideration not to exceed Three Million Three Hundred Twenty Thousand Dollars ($3,320,000), under and subject to the terms and conditions of the Philadelphia Industrial and Commercial Development Agreement between the City, PAID, and Philadelphia Industrial Development Corporation (PIDC).