Communication 010410

Transmitting a bill authorizing the Commissioner of Public Property to execute and deliver to the Philadelphia Authority for Industrial Development ("PAID"), without consideration, a deed conveying fee simple title to a certain tract of City-owned land with the buildings and improvements thereon, situate at 313, 315, 317, 319, 321, 323 and 325 Race street, subject to the terms and conditions of the Philadelphia Industrial and Commercial Development Agreement between the City, PAID, and the Philadelphia Industrial Development Corporation ("PIDC"), and further authorizing PAID, notwithstanding any contrary provisions of the Philadelphia Industrial and Commercial Development Agreement, to sell this property to a nominee of PIDC for a consideration of Five Hundred Fifty-two Thousand Two Hundred Thirty-eight Dollars ($552,238.00), all under certain terms and conditions, accompanied by an explanatory letter from the Director of Commerce.