PASSED

The enacted ordinance authorizes four City officials to amend a 1993 lease between the City and the Philadelphia Authority for Industrial Development. The amendment would extend the lease through November 11, 2055, and extend the related designation period through June 30, 2019, allowing the Fairmount Park Historic Preservation Trust to continue making long-term subleases for restored historic houses and other properties in Fairmount Park.

Authorizing the Executive Director of Fairmount Park Commission, the Recreation Commissioner, the Public Property Commissioner, and the Director of Commerce to execute an amendment to the lease dated November 1, 1993, between the City and the Philadelphia Authority for Industrial Development ("PAID"), authorized by Bill Number 505 of 1993, and under which PAID entered into a sublease with the Fairmount Park Historic Preservation Trust, Inc. (the "Trust"), under which, in turn, from time to time, the Trust has entered into sub-subleases with third parties who have restored historic houses and other properties in Fairmount Park in exchange for long-term leases, under certain provisions.