READ AND PASSED

The enacted ordinance reduces the Gallery at Market East Tax Increment Financing District by removing property generally between 10th and 11th Streets, including land intended to support future development of a sports and entertainment arena outside the district. It approves a revised redevelopment plan for the smaller district and authorizes City officials to carry it out; the changes take effect after a payments-in-lieu-of-taxes agreement for the removed property becomes effective.

Amending the existing 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, to remove certain portions of such property generally bounded by Filbert Street on the north, 10th Street on the east, 11th Street on the west, and Market Street on the south from such District, and approving the amended 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.