City Signs Lease Agreements for Stadium Parking and Surrounding Properties to Boost Economic Development

Official:Authorizing the Commissioner of Public Property, the Director of Commerce and the Recreation Commissioner, on behalf of The City of Philadelphia (the "City"), to execute and deliver a First Amendment to Lease Agreement (the "First Amendment - City Lease") by and between the City and Philadelphia Authority for Industrial Development ("PAID") with respect to that certain Lease Agreement dated July 12, 1994 by and between the City and PAID concerning certain premises lying between Broad street and Eleventh street north of the right-of-way of Interstate 95 (the "Arena Premises"); to execute and deliver a Second Amendment to City - PAID Development Parcel Lease (the "Second Amendment - Development Lease") by and between the City and PAID with respect to that certain Lease Agreement dated July 11, 1991 by and between the City and PAID concerning certain lands described therein (the "Development Parcel"), as amended; and to execute and deliver an agreement (the "North Lot Lease Termination Agreement") terminating that certain Lease Agreement dated July 11, 1991 by and between the City and PAID, as amended, concerning certain premises lying north of Pattison avenue and west of Tenth street as described therein (the "North Lot"); and consenting to and approving the execution and delivery by PAID of said First Amendment - City Lease, said Second Amendment - Development Lease, said North Lot Lease Termination Agreement, a First Amendment to Lease Agreement (the "First Amendment - Arena Lease") by and between PAID and Spectrum Arena Limited Partnership, a Pennsylvania limited partnership ("SALP") with respect to that certain Lease and Development Agreement dated July 12, 1994 concerning the Arena Premises; a Second Amendment to Lease and Development Agreement (the "Second Amendment - SARENA Lease") by and between PAID and Spectacor Adjoining Real Estate New Arena, L.P., a Delaware limited partnership ("SARENA") with respect to that certain Lease and Development Agreement dated July 11, 1991 concerning the Development Parcel, as amended; a Fifth Amendment to Construction and Lease Agreement (the "Fifth Amendment - Spectrum Lease") by and between PAID and SALP concerning certain lands described therein (the "Spectrum Premises"); and a Master Parking Operations Agreement by and among PAID, SALP, SARENA, The Phillies, a Pennsylvania limited partnership, and Philadelphia Eagles Limited Partnership, a Delaware limited partnership; and authorizing the Director of Finance, the City Solicitor and other appropriate officers and employees of the City to take such actions, and to execute and deliver such documents and instruments, as may be necessary or required to accomplish the intent and purpose of this Ordinance, the First Amendment - City Lease and the First Amendment - Arena Lease, the Second Amendment - Development Lease, the North Lot Lease Termination Agreement, the Second Amendment - SARENA Lease, the Fifth Amendment - Spectrum Lease, and the Master Parking Operations Agreement.