READ AND PASSED

The enacted ordinance created the Gallery at Market East Tax Increment Financing District, covering the area generally bounded by Filbert Street, 8th Street, 11th Street, and Market Street, and approved a plan to redevelop it. The district may use certain increases in tax revenue to finance improvements and is authorized to exist for 20 years beginning December 31, 2015. The ordinance also requires Pennsylvania Real Estate Investment Trust, The Macerich Company, their covered service contractors, and future property owners to provide specified pay and benefits to employees connected to the redeveloped Gallery during the district’s life and for five years afterward.

Creating the Gallery at Market East Tax Increment Financing District, being the area generally bounded by Filbert Street on the north, 8th Street on the east, 11th Street on the west, and Market Street on the south, including certain improvements located therein, and approving the project plan of the Philadelphia Authority for Industrial Development for the redevelopment of the Gallery at Market East Tax Increment Financing District and making certain findings and declarations, all in accordance with the Tax Increment Financing Act, being the Act of July 11, 1990, P.L. 465, No. 113, as amended, and authorizing the Director of Finance and other offices of the City to execute documents and do all things necessary to carry out the intent of this Ordinance.