PASSED

This enacted bill authorizes the City’s Public Property Commissioner to transfer, at no cost, City-owned land and its buildings at 2730 North American Street to the Philadelphia Authority for Industrial Development (PAID). It also authorizes PAID to later convey the property for $100,000, subject to specified terms and conditions tied to the City’s industrial and commercial development agreement.

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 on the southwest corner of American and Somerset streets, subject generally to the terms and conditions of the Philadelphia Industrial and Commercial Development Agreement between the City, the PAID, and the Philadelphia Industrial Development Corporation; and further authorizing PAID, notwithstanding any contrary requirements of the Philadelphia Industrial and Commercial Development Agreement, to convey such land for a consideration of $100,000.00, under certain terms and conditions.