Bill 070402

..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, in an aggregate amount not to exceed Five Hundred Thousand Dollars ($500,000) to assist in the development of Old Metropolitan Opera House; and authorizing the City to enter into an agreement with PAID in furtherance of grant requirements; all under certain terms and conditions. ..Body WHEREAS, The City and the Philadelphia Authority for Industrial Development ("PAID") desire to obtain funds from the Commonwealth of Pennsylvania's Office of the Budget, in an amount not to exceed Five Hundred Thousand Dollars ($500,000) for the undertaking of approved Capital Budget projects 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, One project ("Project") is being proposed in order to eliminate the existing blighting influence by renovating an historic former Opera House on the Avenue of the Arts North; WHEREAS, The City and PAID desire to advance the necessary development of the above-referenced 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 recipient to assume the provision of the full matching share of the project costs above the aggregate amount of Five Hundred Thousand Dollars ($500,000); 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 THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. The City of Philadelphia authorizes the Philadelphia Authority for Industrial Development ("PAID") to file applications for Redevelopment Assistance Capital Program Grants through the Commonwealth of Pennsylvania's Office of the Budget, including all understandings and assurances contained therein, in an aggregate amount not to exceed Five Hundred Thousand Dollars ($500,000) to assist in the renovation of the Old Metropolitan Opera House, as individually described in Capital Budget Project Itemization Act 2004-40, and as described in Exhibit "A" attached hereto and incorporated herein. SECTION 2. The City of Philadelphia authorizes PAID to enter into grant agreements with the Commonwealth of Pennsylvania's Office of the Budget to carry out the purposes of this Ordinance. SECTION 3. The City and/or its designated project recipient will assume the provision of the full matching share of project costs above the aggregate amount of Five Hundred Thousand Dollars ($500,000). SECTION 4. The City or the designated project recipient will reimburse the Commonwealth for the State's share of any expenditure awarded pursuant to this Ordinance that is found by the Office of the Budget to be ineligible. SECTION 5. The City of Philadelphia and/or its designated project recipient also agree to guarantee that it shall fully complete the projects within the agreed upon term of the grant (including reasonable extensions requested by the City and/or its designated project recipients). SECTION 6. The City Council of Philadelphia also authorizes the City to enter into an agreement with the Philadelphia Authority for Industrial Development ("PAID") whereby the City and/or its designated project recipient, at the discretion of the City, will assume the provision of the full local share of the project costs above Five Hundred Thousand Dollars ($500,000); or to reimburse the Commonwealth for project expenditures for projects not completed within the agreed upon term of the grants. EXHIBIT "A" PROJECT DESCRIPTION Old Metropolitan Opera House The historic Old Metropolitan Opera House located at 858 North Broad St (Broad and Poplar Streets) will undergo renovations and expansion to house the Holy Ghost Headquarters Church, North Philadelphia Community Development Corporation, and commercial retail space. The project is expected to be completed in November, 2008. The total project cost is approximately $10,000,000. RACP Grant $500,000 ..End