City Agrees to Swap K&T Parcel for Vacant Land in Land Deal with Industrial Development Agency

Official:Authorizing the Commissioner of Parks and Recreation and the Commissioner of Public Property, on behalf of the City of Philadelphia, to execute a deed to the Philadelphia Authority for Industrial Development ("PAID") and to accept a deed from PAID, and to execute all other necessary documents, for the purpose of exchanging an approximately One and one-tenths (1.1) acre parcel of City-owned land (the "K&T Parcel") that is part of a larger parcel commonly called the Kensington & Tacony Trail (the "K&T Trail") running between Tacony Street and the Frankford Creek, for an approximately One and one-tenths (1.1) acre parcel of land of equal or greater value owned by PAID (the "PAID Parcel") located at 3101 East Orthodox Street and, upon completion of PAID's acquisition of the K&T Parcel, removing the K&T Parcel from the K&T Trail and from the jurisdiction of the Department of Parks and Recreation, subject to certain provisions.