PASSED

This enacted bill authorizes the Commissioner of Public Property to transfer, without payment, the City’s ownership of 2815 Ridge Avenue—including its buildings and improvements—to the Philadelphia Authority for Industrial Development. The transfer is subject to the Philadelphia Industrial and Commercial Development Agreement with the City and the Philadelphia Industrial Development Corporation, and any sale proceeds from the property are to go to the City’s General Fund.

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 at 2815 Ridge Avenue, generally under and subject to the terms and conditions of the Philadelphia Industrial and Commercial Development Agreement between the City, the PAID, and the Philadelphia Industrial Development Corporation.