City Agrees to Lease Land to PAID Which Will Then Be Subleased to the Phillies Baseball Team

Official:Authorizing the Commissioner of Public Property and the Director of Commerce, on behalf of The City of Philadelphia (the "City"), to enter into a Ground Lease Agreement (the "Phillies Ground Lease") with the Philadelphia Authority for Industrial Development ("PAID") providing for the leasing by the City to PAID of certain parcels of land owned by the City, and further providing for the subleasing of said lands from PAID to The Phillies, a Pennsylvania limited partnership or its successor as holder of the Major League Baseball franchise for the City or a controlled affiliate thereof (the "Phillies"); authorizing the Director of Finance and other officials of the City to take all actions necessary to accomplish the intent and purpose of this Ordinance and the Phillies Ground Lease; and authorizing approval of all of the terms of the aforementioned Phillies Ground Lease and other documents and amendments related thereto by the Director of Finance and the City Solicitor.