Resolution 240993

..Title Authorizing the Philadelphia Land Bank to dispose of 2201 E. Tioga Street located in the 6th Councilmanic District in accordance with the terms of Chapter 16-700 of The Philadelphia Code. ..Body WHEREAS, Section 16-706 of The Philadelphia Code authorizes the Philadelphia Land Bank ("Land Bank") to convey, exchange, sell, transfer, lease, grant or mortgage interests in real property of the Land Bank in accordance with the requirements of Chapter 16-400 of The Philadelphia Code; WHEREAS, Subsection 16-404(3)(f) of The Philadelphia Code requires compliance with Subsection 16-601(1) of The Philadelphia Code; WHEREAS, Subsection 16-601(1)(c) provides that a material change requires Council's prior approval by resolution; WHEREAS, The number of units and project use as approved by Council Resolution No. 210567 has been revised to amend the project from mixed-use to a Low Income Housing Tax Credit project consisting of fifty-one (51) affordable residential rental units with common space amenities that will include a lobby, community center, management office, elevator, computer lab, outdoor playground, and parking. All units will serve residents at or below 50% of Area Median Income with six (6) units being set aside for those at or below 20% Area Median Income; WHEREAS, The Land Bank Board of Directors (the "Board") has determined that it is in the best interest of the Land Bank to convey 2201 E. Tioga Street (collectively, the "Property") for the development of affordable rental housing, as revised; now, therefore, be it RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, AS FOLLOWS: SECTION 1. The Philadelphia Land Bank is hereby authorized to transfer title to 2201 E. Tioga Street pursuant to Chapter 16-700 of The Philadelphia Code and Act 153 of 2012, 68 Pa. C.S.A. � 2101, et seq., for the revised project.