Authorizing the Philadelphia Land Bank to dispose of 1520-40 Venango Street and 1600-20 Venango Street located in the 8th Councilmanic District in accordance with the terms of Chapter 16-700 of The Philadelphia Code.

Authorizing the Philadelphia Land Bank to dispose of 1520-40 Venango Street and 1600-20 Venango Street located in the 8th Councilmanic District in accordance with the terms of Chapter 16-700 of The Philadelphia Code. 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 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) of The Philadelphia Code provides that a material change to the project plans requires Council’s prior approval by resolution; and WHEREAS, The project, as approved by Council Resolution No. 240949, is being revised to increase the sale price for each unit to Two Hundred and Eighty Thousand dollars ($280,000), and increase the affordability levels to at or below One Hundred percent (100%) of the Area Median Income (AMI); and WHEREAS, The Land Bank Board of Directors (the “Board”) has determined that it is in the best interest of the Land Bank to convey 1520-40 Venango Street and 1600-20 Venango Street that will be eligible for participation in the Neighborhood Preservation Initiative’s Turn the Key program as revised; now, therefore, be it RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, AS FOLLOWS: SECTION 1. The Ph…