Official:Authorizing the City of Philadelphia to enter into lease agreements with the Philadelphia Authority for Industrial Development under which the City would lease to PAID on a project-by-project basis certain land and facilities in the Fairmount Park system, recreation centers, playgrounds and branches in the Free Library of Philadelphia system, and which would permit PAID to sublease such Facilities on a project-by-project basis to other organizations in conformity with the Economic Development Financing Law, Act 1967-102 (P.L. 251), as amended, all under certain terms and conditions.
Sponsor: Council President Clarke
Introduced: February 15, 2018
Signed: June 7, 2018
: Committee of the Whole
Status: Signed into Law, step 4 of 4
This bill allows the City of Philadelphia to lease land and facilities in Fairmount Park, recreation centers, playgrounds, and libraries to the Philadelphia Authority for Industrial Development (PAID) on a project-by-project basis. PAID can then sublease these properties to other organizations. The goal is to allow for improvements to these areas using bonds issued by PAID.
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