City Council Approves Agreements Giving Commonwealth Option to Buy Stake in New Ballparks

Official:Authorizing the Director of Commerce and the Commissioner of Public Property, on behalf of The City of Philadelphia (the "City") to execute and deliver, and consenting to the execution and delivery by Philadelphia Authority for Industrial Development ("PAID") of, agreements with the Commonwealth which shall provide that upon the occurrence of certain events described in this Ordinance, the Commonwealth shall have the option to purchase for One Dollar ($1.00) a one-third interest in the respective interests of the City and PAID in said baseball ballpark facility, or said football stadium facility, as the case may be, and shall further provide that neither the City nor PAID shall permit the use of said baseball ballpark facility or said football stadium facility by or for, or enter into any lease, license, concession agreement, agreement of sale or other agreement which would permit the use or occupancy of said baseball ballpark facility or said football stadium facility by or for, certain professional baseball and football teams which now or hereafter conduct their home games elsewhere in the Commonwealth of Pennsylvania.