PASSED

This enacted measure authorizes the Philadelphia Authority for Industrial Development (PAID) to buy the 49,444-square-foot property at 2114-60 North American Street for up to $350,000, plus related costs. It also authorizes PAID to transfer the property for a nominal amount to the Philadelphia Redevelopment Authority or its nominee, using the Industrial and Commercial Development Revolving Fund for the purchase and incidental expenses.

Authorizing the Philadelphia Authority for Industrial Development ("PAID") to purchase a certain tract of land situate at 2114-60 North American Street, for a consideration not to exceed Three Hundred Fifty Thousand ($350,000.00), 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); and further authorizing PAID, notwithstanding any contrary requirements of the Philadelphia Industrial and Commercial Development Agreement, to convey such land for a nominal consideration to the Redevelopment Authority of the City of Philadelphia, or its nominee; all under certain terms and conditions.