READ AND PASSED

The enacted ordinance establishes the Headquarter Hotel Neighborhood Improvement District for the parcel at 1441 Chestnut Street, at the northeast corner of 15th and Chestnut Streets. It designates the Philadelphia Authority for Industrial Development to manage the district, approves a plan for improvements, and authorizes special assessments on property owners to help repay tax-increment-financing debt and cover district administration and improvement costs. The district is set to end after the later of 20 years or the retirement of the related debt, unless City Council continues it through a new ordinance.

Establishing a neighborhood improvement district consisting of a parcel located at the northeast corner of 15th Street and Chestnut Street, commonly known as 1441 Chestnut Street, to be known as the Headquarter Hotel Neighborhood Improvement District; designating Philadelphia Authority for Industrial Development to serve as Neighborhood Improvement District Management Association for the District; approving a plan for the District, including a list of proposed improvements and their estimated cost, and providing for special financing assessments to be levied on property owners within the District to secure the repayment of tax increment financing indebtedness; authorizing the Director of Commerce, on behalf of the City, to execute an agreement with the Neighborhood Improvement District Management Association for the District; and authorizing the Neighborhood Improvement District Management Association to assess property owners within the District and, under certain conditions, collect ...