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City Seeks to Acquire 27-Acre Property, Lease to Economic Agency for Job Creation and Growth

Official:Authorizing the Commerce Director and the Commissioner of Public Property, on behalf of the City, to acquire an approximately 27-acre property known as International Plaza, located on S.S. Route 291 and Tinicum Island Road, Tinicum Township, Delaware County, together with all improvements thereon, and to enter into a Master Lease with Philadelphia Authority for Industrial Development pursuant to which the City will lease the property to Philadelphia Authority for Industrial Development and the Philadelphia Authority for Industrial Development will sublease portions of the property to tenants under existing leases or future leases, all under certain terms and conditions.

Sponsor: Councilmember Johnson

Introduced: May 21, 2015

Signed: June 18, 2015

: Committee on Public Property and Public Works

economic development housing leasing

Plain-Language Summary

This bill allows the City of Philadelphia to acquire a 27-acre property called International Plaza and lease it to the Philadelphia Authority for Industrial Development (PAID). PAID will then sublease parts of the property to tenants.