READ AND PASSED

The enacted ordinance authorizes the City to accept ownership of certain real property from the School District of Philadelphia and transfer it to the Philadelphia Authority for Industrial Development for further conveyance. The first $35 million in net proceeds from selling the properties must go to the City’s General Fund; properties that do not sell must be returned to the School District, unless the District asks the authority to keep marketing them and send the sale proceeds to the District.

Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to accept title to certain real property owned by the School District of Philadelphia and to convey the same to the Philadelphia Authority for Industrial Development, for further conveyance, under certain terms and conditions.