ADOPTED

City Council adopted a resolution agreeing that Philadelphia would participate fully in the proposed 436 Walnut Tax Increment Financing District if the district is created. The proposed district covers an area generally bounded by Walnut Street, Fourth Street, Fifth Street, and Spruce Street in Center City, and the resolution designates the Mayor or a representative to meet with the Philadelphia Authority for Industrial Development about the project plan and tax increment financing.

Agreeing to participate in the "436 Walnut Tax Increment Financing District," if it should be created by the Council of the City of Philadelphia in accordance with the Tax Increment Financing Act of July 11, 1990, (P.L. 465, No. 113), as amended, in the Center City Redevelopment Area, in an area generally bounded by Walnut Street on the north, Fourth Street on the east, Fifth Street on the west, and Spruce Street on the south; and designating the Mayor or his designee as the City's representative for purposes of meeting with the Philadelphia Authority for Industrial Development, pursuant to Section 5(a)(2) of the Tax Increment Financing Act.