Resolution 030541

..Title Authorizing the Philadelphia Authority for Industrial Development ("PAID") to file an application with the Office of the Budget, Commonwealth of Pennsylvania, under the Redevelopment Assistance Capital Program ("RACP"), in an amount not to exceed Five Million Dollars ($5,000,000) to assist in the Moore College of Art & Design campus renovation and expansion project. ..Body WHEREAS, The City and PAID are desirous of obtaining funds from the Commonwealth of Pennsylvania's Office of the Budget, in an amount not to exceed Five Million Dollars ($5,000,000) for the undertaking of an approved Capital Budget project under Section 4(c) of the Housing and Redevelopment Assistance Law as amended; and WHEREAS, Guidelines issued pursuant to the Housing and Redevelopment Assistance Law, as amended, define a blighted area to include portions of an urban community with economically undesirable land uses; and WHEREAS, The City and PAID recognize that blighting influences exist due to economically undesirable land use throughout the City; and WHEREAS, The Moore College of Art & Design project is being proposed in order to eliminate the existing blighting influence by renovating facilities to house educational, special events, conferences and exhibits; and WHEREAS, The City and PAID desire to advance the necessary development of the Moore College of Art & Design project; and WHEREAS, The Housing and Community Development Program authorizes PAID to file applications for grants; and WHEREAS, The Commonwealth regulations require the City and/or its designated project recipients to assume the provision of the full matching share of the project costs above the aggregate amount of Five Million Dollars ($5,000,000); and WHEREAS, The Commonwealth regulations require the City to obligate itself to reimburse the Commonwealth for expenditures found to be ineligible and not reimbursed by the project recipient; and WHEREAS, The Commonwealth regulations require the City to enter into a Cooperation Agreement between PAID and the City to create the mechanism to reimburse the state for project expenses found to be ineligible and not reimbursed by the project recipient; and to reimburse the state when warranted for project expenses on projects not completed within the agreed upon term of the grants; and WHEREAS, The Commonwealth regulations require City Council's approval prior to PAID's submission of an application; now therefore RESOLVED BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That the Council of the City of Philadelphia authorizes the Philadelphia Authority for Industrial Development ("PAID") to file an application for a Redevelopment Assistance Capital Program Grant through the Commonwealth of Pennsylvania's Office of the Budget, including all understandings and assurances contained therein, in an amount not to exceed Five Million Dollars ($5,000,000), to assist in the development of and improvements to the Moore College of Art & Design as described in Capital Budget Project Itemization Act 2000-27 and as described in Exhibit "A" attached hereto and incorporated herein. EXHIBIT "A" PROJECT DESCRIPTION Moore College of Art & Design: Located at 20th and Race Streets along the Benjamin Franklin Parkway in Center City Philadelphia, Moore College of Art & Design's capital project provides renovations and expanded space in Wilson Hall and Sara Peter Hall for special events, conferences, exhibits, and educational programs. The total project cost is approximately $10 million. RACP Grant $5,000,000 ..End