READ AND PASSED

This enacted ordinance authorizes the Philadelphia Authority for Industrial Development to buy about 28 acres on the west side of the Schuylkill River between 56th and 58th Streets for up to $3.5 million, plus settlement and other related costs. The purchase is subject to an agreement among the City, the authority, and the Philadelphia Industrial Development Corporation, with costs paid from the Industrial and Commercial Development Revolving Fund.

Authorizing the Philadelphia Authority for Industrial Development (PAID) to purchase approximately twenty-eight acres of land situate on the west side of the Schuylkill River between 56th and 58th Streets, under and subject to the terms and conditions of the Philadelphia Industrial and Commercial Development Agreement among the City, PAID, and the Philadelphia Industrial Development Corporation.