READ AND PASSED

This enacted measure exempts the Philadelphia Land Bank from City recording fees when it acquires property and from certain realty transfer taxes, including some transfers involving Land Bank property. It also allows the Land Bank to lease its property for terms of one year or less without additional approvals, while still requiring specified procedures, public notice, and an opportunity for public comment.

Amending Section 10-1000 of The Philadelphia Code, entitled "Fees," to exempt the Land Bank from paying City recording fees in connection with property it acquires; amending Chapter 16-700, entitled "Philadelphia Land Bank," to provide for the leasing out of Land Bank property; and amending Chapter 19-1400, entitled "Realty Transfer Tax," to exempt the Land Bank, and certain transactions involving the Land Bank, from payment of realty transfer tax; all under certain terms and conditions.