PASSED

The enacted bill authorizes the Philadelphia Authority for Industrial Development to apply for up to $2.9 million in state Redevelopment Assistance Capital Program funding for Nueva Esperanza II. It also authorizes an agreement between the City and PAID and requires the City or the project recipient to cover matching costs and repay the state for certain ineligible expenses or costs tied to failing to complete the project on time.

Authorizing the Philadelphia Authority for Industrial Development ("PAID") to file an application with the Office of the Budget, Commonwealth of Pennsylvania, under the Redevelopment Assistance Capital Program, in an aggregate amount not to exceed Two Million Nine Hundred Thousand Dollars ($2,900,000) to assist in the development of Nueva Esperanza II and authorizing the City to enter into an agreement with PAID in furtherance of grant requirements; all under certain terms and conditions.