PASSED

This enacted ordinance approves a project for Drexel University College of Medicine and declares that Philadelphia’s Hospitals and Higher Education Facilities Authority may issue up to $41 million in revenue bonds for it. The funding would support acquiring and renovating 219 North Broad Street and upgrading research, classroom, clinical, lecture, and technology facilities at the school’s Center City Hahnemann and Queen Lane campuses; the bonds would not use the City’s taxing power.

Declaring it desirable for the health, safety and welfare of the people in the area served by Philadelphia Health & Education Corporation, a nonprofit corporation organized under the laws of the Commonwealth of Pennsylvania which operates a graduate school of medicine under the authority of Drexel University and provides medical education under the name "Drexel University College of Medicine," and which operates facilities at its Center City Hahnemann campus and its Queen Lane campus in Philadelphia, Pennsylvania, for The Hospitals and Higher Education Facilities Authority of Philadelphia to undertake a project for Drexel University College of Medicine.