PASSED

This enacted ordinance authorizes the City’s Commissioner of Public Property to lease a roughly 12.9-acre parcel north of I-95, including its buildings and improvements, to the Philadelphia Authority for Industrial Development for a nominal payment. The authority may sublease the property and may have an option or requirement to buy it at fair market value when the Water Department no longer needs it; proceeds from any lease or sale go to the City’s General Fund.

Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to lease to the Philadelphia Authority for Industrial Development, for nominal consideration, and with an option to purchase, a certain parcel of land with the buildings and improvements thereon located between Hog Island Road (not legally opened) and Fort Mifflin Road (not legally opened) to the north of I-95, for further sublease, with an option or requirement to purchase at fair market value, all under certain terms and conditions.