Authorizing the Philadelphia Authority for Industrial Development to convey fee simple title to all or a portion of property known as 5501 Tacony Street, for less than fair market value, under certain terms and conditions.

Authorizing the Philadelphia Authority for Industrial Development to convey fee simple title to all or a portion of property known as 5501 Tacony Street, for less than fair market value, under certain terms and conditions. THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. The Philadelphia Authority for Industrial Development (PAID) is hereby authorized to convey fee simple title to the property known as proposed Lot 1 of 5501 Tacony Street, which is more particularly described in Exbibit A (“Property”). SECTION 2. Due to the historic challenges of the Frankford Arsenal site, the need for parking, and the limited use potential of the Property, and notwithstanding any contrary requirements of the Philadelphia Industrial and Commercial Development Agreement between the City, PAID, and the Philadelphia Industrial Development Corporation, PAID may convey the Property for less than fair market value. SECTION 3. The City Solicitor is hereby authorized to review and to approve all instruments and documents necessary to effectuate this Ordinance, which instruments and documents shall contain such terms and conditions as the City Solicitor shall deem necessary and proper to protect the interest of the City and to carry out the purposes of the Philadelphia Industrial and Commercial Development Agreement and this Ordinance.