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 a certain irregularly shaped portion of 250 Fountain Street, on the southwest corner of the intersection of Silverwood and Fountain Streets, with the improvements thereon, for further conveyance at fair market value.
Sponsor: Councilmember Nutter
Introduced: June 2, 2005
Signed: June 16, 2005
: Committee on Streets and Services
Status: Signed into Law, step 4 of 4
This bill allows the Commissioner of Public Property to transfer a small, irregularly-shaped portion of land on Fountain Street to the Philadelphia Authority for Industrial Development (PAID) for a nominal fee. PAID can then sell this land at fair market value and return the net proceeds to the City's General Fund.
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