Official:Authorizing the Commissioner of Public Property to execute and deliver to the Philadelphia Authority for Industrial Development a deed conveying, for nominal consideration, fee simple title to certain tracts of City-owned land located at 1049-1069 North Front Street, with the improvements thereon, for further conveyance at fair market value.
Sponsor: Councilmember DiCicco
Introduced: May 5, 2005
Signed: June 16, 2005
: Committee on Public Property and Public Works
Status: Signed into Law, step 4 of 4
This bill allows the City of Philadelphia to transfer ownership of three city-owned parcels of land at 1049-1069 North Front Street to the Philadelphia Authority for Industrial Development (PIDA) in exchange for fair market value. The Commissioner of Public Property is authorized to execute and deliver a deed conveying fee simple title to PIDA, which will then sell the property. The net proceeds from the sale are required to be returned to the City's General Fund.
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