PASSED

This enacted ordinance authorizes the City and the Philadelphia Municipal Authority to acquire, design, build, equip, and lease a youth center facility at 91 North 48th Street. The facility is to include a secure residential detention center for juveniles, along with educational, health, and social services and parking; the project would be financed with Authority lease revenue bonds of up to $97.5 million, with the City required to make lease payments from its revenues.

Authorizing the Commissioner of Public Property, on behalf of the City and in cooperation with The Philadelphia Municipal Authority (the "Authority"), to undertake a project consisting of the acquisition, design, construction, equipping and leasing of a youth center facility (the "Project") at 91 North 48th Street (the "Property"); authorizing and approving: (i) the sale of the Property by the City to the Authority; (ii) the entering into, execution and delivery of a Lease of the Project from the Authority to the City; (iii) the issuance by the Authority of lease revenue bonds in one or more series, to pay the acquisition price and costs of the Project, and arrangement of interim financing in connection therewith; (iv) the provisions for establishment of credit enhancement, exchange agreements and swaps; (v) the assignment of the Lease by the Authority to a trustee; (vi) the obligation of the City to pay all obligations of the Authority incurred in connection with the issuance of the l...