PASSED

The enacted ordinance authorizes the Philadelphia Authority for Industrial Development to purchase tracts at 1601 and 1603 South 49th Street for up to $50,000, plus settlement and other incidental costs. The purchase must follow the development agreement among the City, PAID, and the Philadelphia Industrial Development Corporation, with the City Solicitor reviewing the documents and the Industrial and Commercial Development Revolving Fund available to pay the costs.

Authorizing the Philadelphia Authority for Industrial Development to purchase certain tracts of land situate at 1601 and 1603 South Forty-ninth street, for consideration not to exceed Fifty Thousand Dollars ($50,000), under and subject to the terms and conditions of the Philadelphia Industrial and Commercial Development Agreement between the City, PAID, and the Philadelphia Industrial Development Corporation.