PASSED

The enacted bill authorizes the Commissioner of Public Property to transfer, without payment, City-owned property near 47th and Market streets to the Philadelphia Authority for Industrial Development (PAID). The transfer is subject to the Philadelphia Industrial and Commercial Development Agreement involving the City, PAID, and the Philadelphia Industrial Development Corporation; any net proceeds from a sale of the property must go to 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 in the vicinity of Forty-seventh and Market streets, 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.