READ AND PASSED

The enacted bill authorizes the City’s Commissioner of Public Property to enter into a sublease with the Philadelphia Authority for Industrial Development for City use of properties at 400 N. Broad Street and 1501 Callowhill Street, and to exercise an option to purchase them. It also requires improvements to follow an Economic Opportunity Plan and requires the City to budget for and make the related sublease payments beginning in fiscal year 2018.

Authorizing the Commissioner of Public Property, on behalf of the City, to enter into a sublease agreement with the Philadelphia Authority for Industrial Development for use by the City of premises located at 400 N. Broad Street and 1501 Callowhill Street, and to exercise an option for the City to purchase the same, all under certain terms and conditions.