New Neighborhood Improvement District Established Near 15th and Chestnut to Fund Infrastructure Upgrades

Official:Establishing a neighborhood improvement district consisting of a parcel located at the northeast corner of 15th Street and Chestnut Street, commonly known as 1441 Chestnut Street, to be known as the Headquarter Hotel Neighborhood Improvement District; designating Philadelphia Authority for Industrial Development to serve as Neighborhood Improvement District Management Association for the District; approving a plan for the District, including a list of proposed improvements and their estimated cost, and providing for special financing assessments to be levied on property owners within the District to secure the repayment of tax increment financing indebtedness; authorizing the Director of Commerce, on behalf of the City, to execute an agreement with the Neighborhood Improvement District Management Association for the District; and authorizing the Neighborhood Improvement District Management Association to assess property owners within the District and, under certain conditions, collect or cause to be collected a special financing assessment to be used in accordance with the approved plan and approved tax increment financing plan; all in accordance with the provisions of the Community and Economic Improvement Act.