READ AND PASSED

This enacted bill authorizes Philadelphia to acquire the approximately 27-acre International Plaza property in Tinicum Township, Delaware County, including its buildings and other improvements. It also authorizes the City to lease the property to the Philadelphia Authority for Industrial Development, which may sublease portions to current or future tenants; existing leases may continue without certain City Code requirements until they are extended, renewed, or replaced.

Authorizing the Commerce Director and the Commissioner of Public Property, on behalf of the City, to acquire an approximately 27-acre property known as International Plaza, located on S.S. Route 291 and Tinicum Island Road, Tinicum Township, Delaware County, together with all improvements thereon, and to enter into a Master Lease with Philadelphia Authority for Industrial Development pursuant to which the City will lease the property to Philadelphia Authority for Industrial Development and the Philadelphia Authority for Industrial Development will sublease portions of the property to tenants under existing leases or future leases, all under certain terms and conditions.