READ AND PASSED

This enacted ordinance authorizes Philadelphia to exchange a City-owned parcel that is part of the Kensington & Tacony Trail with the Philadelphia Authority for Industrial Development for a parcel in the Frankford Arsenal. After the City acquires the Arsenal parcel, it will be incorporated into the Kensington & Tacony Trail under the Department of Parks and Recreation.

Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to execute a deed to the Philadelphia Authority for Industrial Development ("PAID") and to accept a deed from PAID, and to execute all other necessary documents, for the purpose of exchanging a parcel of City-owned land that is part of a larger parcel commonly called the Kensington & Tacony Trail (the "K & T Trail") for a parcel of land in the Frankford Arsenal (the "Arsenal Parcel") and, upon completion of the City's acquisition of the Arsenal Parcel, incorporating the Arsenal Parcel into the K & T Trail, under the jurisdiction of the Department of Parks and Recreation, subject to certain provisions.