Communication 010250

Transmitting a bill authorizing and approving (i) a comprehensive neighborhood transformation program for revitalization, renewal, redevelopment and transformation of blighted areas within the City of Philadelphia and other activities to promote the health, safety and welfare of the residents of the City of Philadelphia; (ii) the execution and delivery of a Service Agreement between the City of Philadelphia and the Redevelopment Authority; (iii) the issuance by the Redevelopment Authority of bonds, notes or other evidence of indebtedness in one or more series, to pay the cost of the neighborhood transformation program; and (iv) the obligation of the City of Philadelphia to pay in full when due the Service Fee and other amounts payable under the Service Agreement; authorizing the Director of Finance, on behalf of the City of Philadelphia, to enter into Service Agreement with the Redevelopment Authority; authorizing the Director of Finance and other officers of the City of Philadelphia to take such other actions as may be necessary or approprite to accomplish the intent and purpose of this Ordinance; convenanting that the City of Philadelphia will make necessary appropriations in each of the City's fiscal years to provide for Service Fee and other amounts due under the Service Agreement; and convenanting that the City of Philadelphia will make payments of the Service Fee and other amounts due under the Service Agreement; all under certain terms and conditions.