PASSED

This enacted bill amends Philadelphia’s realty transfer tax rules to exclude certain sub-subleases by the Fairmount Park Historic Preservation Trust from the tax. The exclusion applies to properties leased by the City to the Philadelphia Authority for Industrial Development and then subleased to the Trust under specified agreements authorized by a 1993 bill.

Amending Chapter 19-1400 of The Philadelphia Code, entitled "Realty Transfer Tax," by excluding from the tax certain sub-subleases of property by the Fairmount Park Historic Preservation Trust, Inc. ("Trust") pursuant to a Master Sublease Agreement between the Philadelphia Authority for Industrial Development ("PAID") and the Trust, and pursuant to a Master Lease Agreement between the City and PAID, all as authorized by Bill No. 505 (approved June 8, 1993), under certain terms and conditions.