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City Prepares to Sell 67,500 Square Foot Property Portfolio to PIDC Amid Plans for Future Development

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 three adjacent parcels, measuring approximately 67,500 square feet in total, all three parcels bounded generally by 12th Street on the west, Wharton Street on the north, 11th Street on the east, and Reed Street on the south and southeast, with the buildings and improvements thereon, for further conveyance at fair market value.

Sponsor: Councilmember DiCicco

Introduced: May 19, 2005

Signed: June 16, 2005

: Committee on Public Property and Public Works

city revenue housing land use

Plain-Language Summary

This bill allows the City of Philadelphia to sell three adjacent parcels of land (about 67,500 sq ft total) to the Philadelphia Authority for Industrial Development for a very low price, with the buildings and improvements on them included in the sale. The Authority can then sell the properties at fair market value, with any net proceeds going back to the city.