Official:Authorizing the Commissioner of Public Property to execute and deliver to the Philadelphia Authority for Industrial Development, for nominal consideration, a deed conveying fee simple title to a certain tract of City-owned land with buildings and improvements thereon, situate 1716-32 Frankford Avenue, for further conveyance at fair market value.
Sponsor: Councilmember Savage
Introduced: December 7, 2006
Signed: March 1, 2007
: Committee on Public Property and Public Works
Status: Signed into Law, step 4 of 4
This bill allows the City to transfer ownership of a property at 1716-32 Frankford Avenue to the Philadelphia Authority for Industrial Development (PAID) for a low price. PAID can then sell the property for its market value and deposit the proceeds into the city's general fund.
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