Resolution 250588

..Title Authorizing the Philadelphia Land Bank to dispose of 2878 Amber Street located in the 1st 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; and WHEREAS, Subsection 16-404(3)(f) of The Philadelphia Code requires compliance with Subsection 16-601(1) of The Philadelphia Code; and WHEREAS, Subsection 16-601(1)(c) provides that a material change requires Council's prior approval by resolution; and WHEREAS, Resolution No. 210974 approved the transfer of title to 2501, 2855, 2857 Amber Street, 2143, 2155, 2157 E. Birch Street, 2134, 2172 E. Cambria Street, 2103, 2107 E. Cumberland Street, 2107 E. Dakota Street, 2478, 2480 Emerald Street, 2022 E. Fletcher Street, 1929, 1935, 1943, 2215-17 E. Harold Street, 2637, 2639, 2643, 2645, 2649 Janney Street, 2536 Jasper Street, 2639, 2641, 2643, 2653 Kensington Avenue, 2068 E. Monmouth Street, 1844 E. Oakdale Street, 2140, 2151, 2153, 2156 E. Orleans Street, 2646, 2658 Ritter Street, 2089 E. Somerset Street, 2106, 2133, 2135, 2250, and 2252 E. Willam Street; and WHEREAS, Resolution No. 220887 approved the revision of the project to change the AMI level for fourteen (14) affordable homeownership units from 120% AMI to 100% and to change the sales price of the fourteen (14) affordable units to $280,000. For the eight (8) affordable units at 80% AMI, the sales price will change to $230,000; and the project use to change the plans for the units at 2250 and 2252 E. William Street from two (2) single-family units to one (1) duplex building to be built on the consolidated parcel 2250-52 E. William Street. The consolidation is necessitated by a discrepancy in the legal description of 250 E. William Street. Each unit in the duplex will contain two (2) bedrooms, two (2) bathrooms with a roof deck, to be sold at 100% AMI; and WHEREAS, Resolution No. 240095 approved the modification to make seven (7) of the market rate homeownership units available to purchasers with a household income at or below 100% AMI, resulting in a total of eight (8) homeownership units to be sold at or below 80% AMI, seventeen (17) homeownership units to be sold at or below 100% AMI (which is a net increase of three (3) units), fourteen (14) homeownership units to be sold at market rate, eight (8) market rate rental units , and two (2) commercial units; and WHEREAS, The market rate property at 2646 Ritter Street cannot be developed due to an encroachment from the adjacent property. The property at 2878 Amber Street will replace 2646 Ritter Street to be developed. The Land Bank Board of Directors (the "Board") has determined that it is in the best interest of the Land Bank to convey 2878 Amber Street (collectively, the "Property") for the development of market rate 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 2878 Amber 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. ..End 1