Philadelphia Redevelopment Authority 1234 Market

PHILADELPHIA REDEVELOPMENT AUTHORITY

1234 MARKET STREET, 16TH FLOOR PHILADELPHIA, PA 19107

BOARD MEETING WEDNESDAY, NOVEMBER 12, 2014

Open Session – 4:00 P.M.

A G E N D A

APPROVAL OF BOARD MINUTES

Meeting of October 8, 2014

I. ADMINISTRATIVE Page

(a) Stantec Consulting Services Inc. (1) 1718-26 N. 52nd Street Amendment to Professional Services Contract

(b) Funding to Economic Stimulus Fund Department of Commerce Approve Transfer of Funds to City’s Economic Stimulus Fund (TO BE DISTRIBUTED)

II. DEVELOPMENT

(a) Model Cities Urban Renewal Area (3) Anthony Muhammad & Linda Muhammad 3109 Morse Street Selection of Redeveloper and Self-Amortizing Loan

(b) New Kensington-Fishtown Urban Renewal Area (8) Timothy Faruol 2039 E. York Street Selection of Redeveloper

AGENDA Board Meeting of November 12, 2014 Page -2-

(c) New Kensington-Fishtown Urban Renewal Area (14) 2412 E, Gordon Street, LLC 2414 E. Gordon Street Assignment of Development Rights

(d) Franklin Urban Renewal Area (18) 1001 Vine Street, LP 1001-1011 Vine Street & 314 N. 10th Street Selection of Redeveloper

(e) City of Philadelphia (27) 1114-18 Locust Street 831-39 South Street 3223-33 Race Street & 215-17 N. 33rd Street 1123-31 Waverly Street Conveyance of Properties to Parks & Recreation Department

III. HOUSING FINANCE / NSP

(a) St. Raymond’s House (34) Depaul USA, Inc. A Portion of 1330 Vernon Road None-Recourse Construction/Permanent Loan Agreement

(b) Brownstone II (52) Diamond Street Housing Partnership II, LP 2900-3200 Block of Diamond Street Modification of Loans to Diamond Street Venture, Diamond Phase II Venture & Diamond Phase III Venture

(c) The Holmes School Condominium (56) WPP Development L.P. 5429-5444 Chestnut Street Subordination of Commercial Mortgage

V. ADD ON ITEM

Mantua Urban Renewal Area Songtao Shi and Jingwen Zheng 3802 Spring Garden Street Sale of Renovated Single Family Property

AGENDA Board Meeting of November 12, 2014 Page -3-

IV. REAL ESTATE

Vacant Property Review Committee (58) Conveyance of Properties

PHILADELPHIA REDEVELOPMENT AUTHORITY

BOARD MEETING MINUTES

A meeting of the Board of Directors of the Philadelphia Redevelopment Authority was held on Wednesday, October 8, 2014 commencing at 4:02 p.m. in the offices of the Philadelphia Redevelopment Authority, being its regular meeting place, 16th floor, 1234 Market Street, Philadelphia, Pennsylvania, pursuant to proper notices.

ROLL CALL

The following members of the Board of Directors reported present: James Cuorato, Chairman; Denise Smyler, Secretary; Jennifer Rodriguez, Vice Chairman and Rob Dubow, Treasurer and Alan Greenberger, 2nd Vice Chair.

The following members of the Authority staff were present: Brian Abernathy, Ryan D. Harmon, Esquire, David Thomas, Tania Nikolic, Robert LaBrum, Peilin Chen, Brian Romano, Jessie Lawrence, Susan Varghese, Zena Holland and Elizabeth Bonaccorso.

Also in attendance: Anna Adams, Finance Department, Kevin Reeves, PCPC, John Haak, PCPC, Jihad Ali, Guardian Civic League, Chester Skaziak, Resident, and Deborah McColloch, OHCD.

ANNOUNCEMENTS

Mr. Cuorato introduced Mr. Harmon as the Authority’s new General Counsel. Mr. Harmon will officially start on Tuesday, October 14, 2014. Mr. Harmon was employed at Zarwin, Baum, DeVito, Kaplan, Schaer & Toddy, P.C., and will transition from the private sector to public sector. The Board is looking forward to working with Mr. Harmon.

MINUTES

Mr. Cuorato called for a motion to approve the minutes of the Board meeting of September 10, 2014.

Upon motion made and duly seconded, the minutes of September 10, 2014 were approved.

Board Meeting of October 8, 2014 Volume 59 – Page 52 1 DEVELOPMENT

Mr. Romano presented "Item I (a) – Selection of Redeveloper – Maria D. Lebron" in substance consistent with the Fact Sheet attached hereto.

Additional Comments and Discussion

Ms. Rodriguez asked if there was a sense of what the value would be upon rehab. Mr. Romano responded that this information is not yet known.

Ms. Smyler asked if the photos in the Board Fact Sheet are of the same or different houses. Mr. Romano replied that they are of the same house.

Board Action

Mr. Cuorato called for a motion on the resolution. Upon motion made and duly seconded, the resolution was approved as follows:

RESOLUTION NO. 2014-92

RESOLUTION SELECTING MARIA D. LEBRON AS REDEVELOPER OF 4251 N. REESE STREET LOCATED IN THE WEST FAIRHILL/EAST TIOGA/HUNTING PARK REDEVELOPMENT AREA, WEST FAIRHILL/EAST TIOGA/HUNTING PARK URBAN RENEWAL AREA

BE IT RESOLVED, by the Philadelphia Redevelopment Authority, that Maria D. Lebron is hereby selected as Redeveloper of 4251 N. Reese Street, located within the West Fairhill/East Tioga/Hunting Park Redevelopment Area, West Fairhill/East Tioga/Hunting Park Urban Renewal Area, and approval is hereby given to the Redevelopment Contract and the proposed method of disposition as most appropriate and prudent under the law and circumstances; approving a disposition price of Two Thousand Eighty Six ($2,086.00) Dollars; determining that the Redeveloper possesses the qualifications and financial resources necessary to acquire and develop the property in accordance with the Redeveloper’s approved plans; further authorizing the execution, delivery and recording of the Redevelopment Contract and a Deed for the property and the preparation of all other documentation necessary or desirable in order to carry out the foregoing, and to obtain the appropriate councilmanic action.

FURTHER RESOLVING, that the Executive Director with the advice of General Counsel may allow modifications to the Resolution necessary or desirable to carry out its purposes and intents.

Voting for the foregoing resolution: Mr. Cuorato, Ms. Rodriguez, Ms. Smyler, Mr. Greenberger and Mr. Dubow.

Board Meeting of October 8, 2014 Volume 59 – Page 53 2

Mr. Cuorato stated that Item I (b) has been tabled.

Mr. Lawrence presented "Item I (c) – Selection of Redeveloper and Self-Amortizing Loan – Urban Roots" in substance consistent with the Fact Sheet attached hereto.

Additional Comments and Discussion

Mr. Abernathy informed the Board that the Authority received three (3) other EOI’s for this parcel. However, Urban Roots was selected because they proposed a community garden and would complement the Ralph Brooks Park across the street.

Mr. Lawrence stated that Eagles player Connor Barwin is involved in this project. Ms. Smyler asked in what capacity. Mr. Lawrence responded that Mr. Barwin is assisting the redeveloper with its fundraising efforts.

Mr. Lawrence explained that Urban Roots has a partnership with the City’s Parks and Recreation and the Water Department.

Mr. Ali asked if any deed restrictions applied. Mr. Lawrence replied no; however, with the Self- Amortizing Loan, if the redeveloper would sell prior to the ten (10) years, the Authority would recoup whatever dollar portion was left.

Mr. Ali asked if there was a letter of support from City Council. Mr. LaBrum responded that Councilman Johnson supports this project.

Mr. Ali further asked if Registered Community Organization (RCO) provided support. Mr. Abernathy responded that this does not need RCO’s support.

Board Action

Mr. Cuorato called for a motion on the resolution. Upon motion made and duly seconded, the resolution was approved as follows:

Board Meeting of October 8, 2014 Volume 59 – Page 54 3 RESOLUTION NO. 2014-93

RESOLUTION SELECTING URBAN ROOTS AS REDEVELOPER OF 1606-1610 S. 20TH STREET LOCATED IN THE POINT BREEZE REDEVELOPMENT AREA, POINT BREEZE URBAN RENEWAL AREA

BE IT RESOLVED, by the Philadelphia Redevelopment Authority, that Urban Roots is hereby selected as Redeveloper of 1606-1610 S. 20th Street, located within the Point Breeze Redevelopment Area, Point Breeze Urban Renewal Area, and approval is hereby given to the Redevelopment Contract and the proposed method of disposition as most appropriate and prudent under the law and circumstances; approving a disposition price of Forty-One Thousand Eight Hundred Eighty-One ($41,881.00) Dollars; determining that the Redeveloper possesses the qualifications and financial resources necessary to acquire and develop the property in accordance with the Redeveloper’s approved plans;

FURTHER RESOLVING, that the Philadelphia Redevelopment Authority will provide a self-amortizing loan in the amount of $41,881.00 for a term of 10-years at 0% interest that will be secured by a mortgage on the property. The amount of the obligation will decrease by 10% each year for the 10 year period that the buyer remains in compliance with the Authority’s Land Disposition Policy;

FURTHER RESOLVING, that execution, delivery and, as appropriate, recording of the Redevelopment Contract, deed, mortgage and note, and the preparation of all other documentation necessary or desirable in order to carry out the foregoing, and the obtaining of the appropriate councilmanic action, are hereby authorized.

FURTHER RESOLVING, that the Executive Director with the advice of General Counsel may allow modifications to the Resolution necessary or desirable to carry out its purposes and intents.

Voting for the foregoing resolution: Mr. Cuorato, Ms. Rodriguez, Ms. Smyler, Mr. Greenberger and Mr. Dubow.

HOUSING FINANCE / NSP

Ms. Bauer presented "Item II (a) - Modification of Loans with Horizon House, Inc." in substance consistent with the Fact Sheet attached hereto.

Board Meeting of October 8, 2014 Volume 59 – Page 55 4 Additional Comments and Discussion

Mr. Greenberger asked how the 209 East Price Street Project is verified. Ms. Bauer replied that it is verified through annual certification.

Ms. Bauer stated that the loans have thirty (30) year terms, which began in 2010, and are fully self-amortizing the last five (5) years of the respective terms.

Ms. Smyler asked if the facility is fully occupied. Ms. Bauer replied yes.

Mr. Dubow asked if Horizon House is a strong organization financially. Ms. Bauer responded yes.

Mr. Ali asked if a Registered Community Organization (RCO) along with the councilperson were notified of this change to the new entity. Mr. Abernathy responded that today’s action is based on refinancing and staff does not have to contact the community organization or City Council.

Ms. Rodriguez stated that non-profit organizations have Board of Directors and individuals with any concerns or questions would bring it to their attention. Ms. Rodriguez further stated that 990’s are filed by non-profits and financials are reviewed.

Mr. Ali asked if this project needs further approvals. Ms. Bauer stated that it was approved in 2010.

Mr. Ali asked what type of special needs does the facility house. Ms. Bauer responded individuals with drug dependency, etc.

Mr. Cuorato stated that this is a private transaction between My Place Germantown and Horizon House, Inc. The project has been developed and operating. The Board is asked to approve the assumption of the existing loans. Horizon House brings stability to this supportive housing project.

Mr. Ali stated he believes that since there is an ownership change appropriate parties such as the community and councilperson should be made aware of this.

Board Action

Mr. Cuorato called for a motion on the resolution. Upon motion made and duly seconded, the resolution was approved as follows:

Board Meeting of October 8, 2014 Volume 59 – Page 56 5 RESOLUTION NO. 2014-94

RESOLUTION AUTHORIZING THE AUTHORITY’S CONSENT TO THE TRANSFER OF 209 E. PRICE STREET AND PERMITTING THE ASSUMPTION AND MODIFICATION OF THE EXISTING AUTHORITY DEBT PROVIDED TO COMMUNITY VENTURES AND ASSUMED BY MY PLACE GERMANTOWN

WHEREAS, in 2010 the Authority provided two loans totaling $1,676,000 to Community Ventures (Authority Loans). The proceeds of the loans were used for the development of My Place Germantown located at 209 E. Price Street (Project) to create 12 rental units for formerly homeless men.

WHEREAS, the Authority Loans are evidenced by notes payable to the Authority and secured by two mortgages on the Project (Authority Mortgages); and

WHEREAS, Community Ventures (CV) and My Place Germantown, Inc. (MPG) had a turnkey development agreement whereby CV would acquire the Project, complete the construction and lease-up, at which time the Project would be conveyed to MPG.

WHEREAS, pursuant to Resolution No. 19,115 adopted and approved by the Board on February 7, 2011, the Authority approved the acquisition by MPG and the assumption of Authority Loans.

WHEREAS, MPG will enter into a Merger Agreement with Horizon House, Inc. (HHI) with HHI continuing as the surviving nonprofit.

WHEREAS, HHI has requested the Authority modify the terms of the Authority Loans.

NOW THEREFORE, BE IT RESOLVED, by the Philadelphia Redevelopment Authority, that the Authority is authorized to take the following actions:

1. Permit the transfer of the Project to HHI.

2. Permit the assumption by HHI of the Authority Loans and Authority Mortgages.

3. Modify the terms of the Authority Loans to be for a term of 30 years at 0% interest from the date of loan closing. In year 26, if the Project is used to provide housing for low income-individuals and/or families, the principal will be reduced by 20% annually through the remaining term of the Authority Loans.

4. All other terms and conditions of Resolution No. 19,115, not modified hereunder shall remain in full force and effect.

FURTHER, authorizing the execution and delivery of all documents necessary to carry out the foregoing, and authorizing the Executive Director, with the advice of General Counsel, to

Board Meeting of October 8, 2014 Volume 59 – Page 57 6 allow modifications and corrections to this Resolution which are necessary or desirable to carry out its purposes and intents.

Voting for the foregoing resolution: Mr. Cuorato, Ms. Rodriguez, Ms. Smyler, Mr. Greenberger and Mr. Dubow.

Ms. Bauer presented "Item II (b) – Modification of Loans with Salvation Army" in substance consistent with the Fact Sheet attached hereto.

Board Action

Mr. Cuorato called for a motion on the resolution. Upon motion made and duly seconded, the resolution was approved as follows:

RESOLUTION NO. 2014-95

RESOLUTION AUTHORIZING THE AUTHORITY’S CONSENT TO THE SALE OF 1320 S. 32ND STREET AND PERMITTING THE ASSUMPTION OF THE EXISTING AUTHORITY DEBT PROVIDED TO REED HOUSE ASSOCIATES, S.R.O.

WHEREAS, in 1998 the Authority provided three loans totaling $1,375,000 to Reed Street Associates, S.R.O., a Pennsylvania limited partnership (Authority Loans). The proceeds of the Authority Loans were used for the development of Reed House located at 1320 S. 32nd Street (Project) to create 66 affordable rental units.

WHEREAS, the Authority Loans are evidenced by notes payable to the Authority and secured by mortgages on the Project (Authority Mortgages).

WHEREAS, the fifteen year affordable compliance period has ended and the limited partner, National Equity Fund, Inc. has requested to exit the Partnership.

WHEREAS, the general partner, the Salvation Army, has requested the Authority’s consent to acquire the limited partnership interest in the Project and assume the Authority Loans and Authority Mortgages.

NOW THEREFORE, BE IT RESOLVED, by the Philadelphia Redevelopment Authority, that the Authority is authorized to take the following actions:

1. Permit the transfer of the Project to Salvation Army.

Board Meeting of October 8, 2014 Volume 59 – Page 58 7 2. Permit the assumption by Salvation Army of the Authority Loans and Authority Mortgages.

FURTHER, authorizing the execution and delivery of all documents necessary to carry out the foregoing, and authorizing the Executive Director, with the advice of General Counsel, to allow modifications and corrections to this Resolution which are necessary or desirable to carry out its purposes and intents.

Voting for the foregoing resolution: Mr. Cuorato, Ms. Rodriguez, Ms. Smyler, Mr. Greenberger and Mr. Dubow.

REAL ESTATE

Ms. Nikolic presented "Item III – Conveyance of Properties" in substance consistent with the Fact Sheet attached hereto.

Additional Comments and Discussion

Mr. Greenberger asked if all the properties being disposed to PHA are for the same project. Ms. Nikolic confirmed in the affirmative and stated that the properties being disposed are all a part of the Sharswood/Blumberg project.

Mr. Greenberger asked if these parcels are vacant lots. Ms. Nikolic replied yes.

Mr. Ali inquired about the properties located at 1616 West Ogden Street and 1617 and 1625 Ridge Avenue. Said properties went to VPRC in 2008. Mr. Ali inquired as to why there was a delay. Mr. Abernathy replied that the information presented to the Authority is generated by VPRC staff.

Mr. Skaziak inquired about the Brooklyn Heights development project and the reason why the construction has not been completed. Mr. Abernathy responded that staff is in the process of reviewing this.

Board Action

Mr. Cuorato called for a motion on the resolution. Upon motion made and duly seconded, the resolution was approved as follows:

RESOLUTION NO. 2014-96

VACANT PROPERTY REVIEW COMMITTEE PROGRAM - RESOLUTION AUTHORIZING ACCEPTANCE OF TITLE FROM THE CITY OF PHILADELPHIA TO VARIOUS PROPERTIES AND DISPOSITION OF SUCH PROPERTIES

Board Meeting of October 8, 2014 Volume 59 – Page 59 8 WHEREAS, certain properties have been acquired by the City and determined to be surplus to the needs of the City;

WHEREAS, the Vacant Property Review Committee has recommended to the Commissioner of Public Property that the surplus property listed below be made available for disposition in accordance with the provisions of Section 16-400 of the Philadelphia Code;

WHEREAS, certain of the properties identified below will be conveyed for nominal consideration and others, all as identified below, will be conveyed at fair market value as determined by the City of Philadelphia’s Office of Housing and Community Development.

NOW THEREFORE, BE IT RESOLVED by the Philadelphia Redevelopment Authority, that authorization is hereby given to the Authority to accept title from the City of Philadelphia for properties listed below and for the preparation, execution, acknowledgment and delivery of a deed to the Grantee(s) herein listed conveying the respective properties for a consideration of $1.00:

Address Grantee(s)

1414 Deal Street Cecelia Sweeney 1517 & 1538 North Lambert Street PHA 1542 & 1546 North Lambert Street PHA 2820 North Leithgow Street Tassie Rivera 2026, 2041 & 2043 Master Street PHA 2046, 2112 & 2117 Master Street PHA 2140, 2240 & 2301 Master Street PHA 2303 & 2307-11 Master Street PHA 2313, 2315 & 2317 Master Street PHA 2335, 2424 & 2426 Master Street PHA 2440 Master Street PHA 2434 & 2452 Nassau Street PHA 2050 & 2229 West Oxford Street PHA 2343 West Oxford Street PHA 2411 & 2417 West Oxford Street PHA 2005 & 2009 Redner Street PHA 2011 & 2015 Redner Street PHA 2025, 2031 & 2033 Redner Street PHA 2035, 2037 & 2039 Redner Street PHA 2041, 2043 & 2045 Redner Street PHA 2047, 2051 & 2055 Redner Street PHA 2409 & 2432 Redner Street PHA 2033, 2035 & 2038 Ridge Avenue PHA 2041, 2043 & 2045 Ridge Avenue PHA 2046 Ridge Avenue PHA 2047-49 Ridge Avenue PHA 2069 Ridge Avenue PHA 2071 & 2077 Ridge Avenue PHA

Board Meeting of October 8, 2014 Volume 59 – Page 60 9 2104, 2106 & 2126 Ridge Avenue PHA 2807 North Water Street Carmen Rodriguez 1322 North 15th Street PHDC 1313 North 16th Street PHDC 2736 North Waterloo Street Esteban Padilla II

Address Grantee(s) Price

536 South 49th Street Dustin Dowd $27,253.00 (LAMA)

FURTHER RESOLVING that for the foregoing conveyance, the Philadelphia Redevelopment Authority will provide a self-amortizing loan in the amount of the purchase price for a term of 10 years at 0% interest that will be secured by a mortgage on the property. The amount of the obligation will decrease by 10% each year for the 10 year period that the buyer remains in compliance with the Authority’s Land Disposition Policy.

FURTHER RESOLVING, that authorization is hereby given to the Authority to accept title from the City of Philadelphia for properties listed below and for the preparation, execution, acknowledgment and delivery of a deed to the Grantee(s) herein listed conveying the respective properties for the following consideration:

Address Grantee(s) Appraised/LAMA Value

1616 Ogden Street 1619 Ridge Ave LP $15,246.00 (LAMA) 1617 Ridge Avenue 1619 Ridge Ave LP $28,007.00 (LAMA) 1625 Ridge Avenue 1619 Ridge Ave LP $40,487.00 (LAMA) 1339 South 18th Street 1300 Bouvier LP $100,300 for this property and for 1332-56 S. Bouvier St., authorized at 9-10-14 Authority Board meeting (Competitive Bid) 417 South 60th Street Progressive Communities CDC $ 4,886.00 (LAMA)

FURTHER AUTHORIZING the Executive Director with the advice of General Counsel to allow modifications and corrections to this Resolution necessary or desirable to carry out its purposes and intents.

BE IT FURTHER RESOLVED that authorization is hereby given to the preparation, execution, acknowledgment and delivery of any other documentation deemed necessary or

Board Meeting of October 8, 2014 Volume 59 – Page 61 10 desirable in order to carry out the foregoing under terms and conditions acceptable to Authority counsel.

Voting for the foregoing resolution: Mr. Cuorato, Ms. Rodriguez, Ms. Smyler, Mr. Greenberger and Mr. Dubow.

ADD ON ITEM

Mr. Thomas presented "Item IV – Legal Services Contract with Fineman Krekstein & Harris, P.C." in substance consistent with the Fact Sheet attached hereto.

Additional Comments and Discussion

Mr. Thomas informed the Board members that PHIL Loan program was closed in FY 14 with the intent to the sell the remaining portfolio. An RFP was issued in September 2014 and the Authority received four (4) RFP responses. Fineman Krekstein & Harris ("Fineman") was selected because the firm had the most experience and qualification along with being the lowest bidder.

Mr. Abernathy stated that Fineman would be working with a minority owned law firm, Turner Law, P.C. Daniel Turner is the principal of the firm.

Mr. Ali asked if Mr. Turner was a certified minority business enterprise. Mr. Abernathy responded no.

Mr. Ali asked if $75,000 is the total contract amount. Mr. Thomas responded yes.

Mr. Dubow abstained because of a potential conflict of interest.

Board Action

Mr. Cuorato called for a motion on the resolution. Upon motion made and duly seconded, the resolution was approved as follows:

RESOLUTION NO. 2014-97

RESOLUTION AUTHORIZING A LEGAL SERVICES CONTRACT WITH FINEMAN KREKSTEIN & HARRIS, P.C. TO SERVE AS LEGAL CONSULTANT FOR THE SALE OF THE PHIL LOAN PORTFOLIO

BE IT RESOLVED, by the Philadelphia Redevelopment Authority, that authorization is hereby given for the Authority to enter into a legal services contract with Fineman Krekstein &

Board Meeting of October 8, 2014 Volume 59 – Page 62 11 Harris, P.C., to serve as Bond Counsel in connection with the potential sale of pools of residential mortgage loans held by the Authority, which were generated through several bond indentures, with a maximum compensation, including out-of-pocket expenses, not to exceed $75,000.

FURTHER RESOLVING, the preparation of all documentation necessary to carry out the foregoing in form and substance acceptable to the Executive Director and General Counsel.

FURTHER RESOLVING, that the Executive Director with the advice of General Counsel may allow modifications to the Resolution necessary or desirable to carry out its purposes and intents.

Voting for the foregoing resolution: Mr. Cuorato, Ms. Rodriguez, Ms. Smyler and Mr. Greenberger.

One (1) abstention: Mr. Dubow.

OLD BUSINESS

Mr. Cuorato inquired if there was any old business for the Board. No old business was presented to the Board.

NEW BUSINESS

Mr. Cuorato inquired if there was any new business for the Board. No new business was presented to the Board.

ADJOURNMENT

There being no further business to come before the Board, Mr. Cuorato declared the meeting adjourned at 4:35 P.M.

______SECRETARY TO THE BOARD

Board Meeting of October 8, 2014 Volume 59 – Page 63 12 Item I (a)

BOARD FACTSHEET Meeting of October 8, 2014 Selection of Redeveloper 4251 N. Reese Street

NAME OF DEVELOPER/APPLICANT: Maria D. Lebron

Nature of Transaction: Selection of developer to rehabilitate this vacant structure into a single-family homeownership unit, located in the West Fairhill/East Tioga/Hunting Park neighborhood.

Mailing Address: 2954 N. Fairhill Street, Philadelphia, PA 19133

PROPERTY INFORMATION: 4251 N. Reese Street

Description: 845 sq. ft., vacant structure Zoning: RM-1 Use: Residential

Disposition Value: $2,086

Property value was established by the LAMA upfront pricing model and advertised for sale on www.PhillyLandWorks.org. The applicant’s expression of interest was one of four expressions of interest. Two of those were determined unresponsive and the other was submitted after Ms. Lebron signed the agreement.

FINANCING:

The developer is purchasing the property listed above; documentation of available funds in an amount no less than the total project cost has been provided, see attached outline of sources and uses.

COMMENTS OR OTHER CONDITIONS:

Ms. Lebron’s brother will complete the rehab himself. Ms. Lebron has a certified electrician for the job who is also a family friend.

Acquisition and commencement of construction of the proposed project is estimated to start in January 2015 with construction completion within 18 months.

The Developer is compliant with the City of Philadelphia Revenue Department and has no outstanding tax obligations, conflicts of interest, or unresolved violation of City L&I codes.

Per Chapter 17-1600 of the Philadelphia Code an Economic Opportunity Plan is not required for this project since the construction budget is under $250,000.

13 Item I (a)

The developer is encouraged to make a best and good faith effort to employ and document her effort to hire MBE, WBE and DBE registered businesses. This developer is new to the PRA, and therefore, no past performance has been recorded.

Proposed Resolution and supporting project information are attached (sources & uses, site map and photograph).

Prepared by: Brian Romano, Project Manager Reviewed by: Robert LaBrum

14 Item I (b)

BOARD FACTSHEET Meeting of October 8, 2014 Conveyance of Properties City of Philadelphia

NAME OF DEVELOPER/APPLICANT: City of Philadelphia

Nature of Transaction: Resolution authorizing the conveyance for nominal consideration to the City of Philadelphia of the following parcels, which are currently being used as community gardens. After conveyance, the parcels will continue being used as community gardens, but will be operated and managed by the City’s Parks and Recreation Department.

Sartain Community Garden: 1114-18 Locust Street South Street Garden: 831-39 South Street Spring Gardens: 1800-32 North Street; 1805, 1827-29 & 1833 Wallace Street Summer-Winter Garden: 3223-33 Race Street & 215-17 N. 33rd Street Waverly Garden: 1123-31 Waverly Street

Description: The City’s Department of Public Property will be taking formal ownership of these actively used community gardens. These gardens meet key goals outlined by the Urban Forestry & Ecosystem Management Division of Parks & Recreation by undertaking a broad range of environmental restoration activities throughout the City’s park system.

Disposition Price: $12.00

Proposed Resolution and supporting project information are attached (site map, photographs, & letter from Parks & Recreation requesting transfer).

Prepared by: Jessie Lawrence, Project Manager Reviewed by: Robert LaBrum

15 Item I (c)

BOARD FACTSHEET Meeting of October 8, 2014 Selection of Redeveloper and Self-Amortizing Loan 1606-1610 S. 20th Street

NAME OF DEVELOPER/APPLICANT: Urban Roots, a 501(c)(3)

Nature of Transaction: Selection of developer proposing to develop and manage an urban garden, located in the Point Breeze neighborhood. Across 20th Street, there is a park that is being revitalized by Urban Roots in partnership with the City’s Parks & Recreation Department and the Water Department. Creation of the garden at the subject property will complement revitalization of the park.

Mailing Address: 1233A N. 3rd Street, Philadelphia, PA 19122

PROPERTY INFORMATION: 1606-1610 S. 20th Street

Description: 3,183 sq. ft., vacant lot Zoning: RSA-5 Use: Urban Garden

Disposition Price: $41,881 w/10-year amortizing mortgage

Price was established by the LAMA upfront pricing model and advertised for sale on www.PhillyLandWorks.org. The Authority received expressions of interest from three parties. Urban Roots was selected because of their proposal to develop this property as a community urban garden, which will complement the revitalization of Ralph Brooks Park across the street.

The applicant will be given a 10-year self-amortizing mortgage on the disposition value, which decreases by 10% each year. The mortgage is non-payable, unless the applicant sells within the 10-year period from the date of the mortgage.

FINANCING:

The developer is purchasing the property listed above; documentation of available funds in an amount no less than the total project cost has been provided, see attached outline of sources and uses.

COMMENTS OR OTHER CONDITIONS:

Acquisition and commencement of construction of the proposed project is estimated to start in November 2014 with construction completion within 12 months.

Developer is compliant with the City of Philadelphia Revenue Department and has no outstanding tax obligations, conflicts of interest, or unresolved violations of City and L&I codes.

16 Item I (c) Per Chapter 17-1600 of the Philadelphia Code an Economic Opportunity Plan is not required for this project given the construction budget is under $250,000. The developer is encouraged to make a best and good faith effort to employ and document their effort to hire MBE & WBE registered businesses. This developer is new to the PRA, and therefore, no past performance has been recorded.

Proposed Resolution and supporting project information are attached (sources & uses, site map and photographs).

Prepared by: Jessie Lawrence, Project Manager Reviewed by: Robert LaBrum

17 Item II (a)

BOARD FACTSHEET Meeting of October 8, 2014 My Place Germantown 209 E. Price Street Modification of Loans to My Place Germantown

TRANSACTION SUMMARY

Transfer, assumption and restructuring of two Authority loans as a result of My Place Germantown, Inc. (MPG) entering into an Agreement and Plan of Merger (Merger Agreement) with Horizon House, Inc. (HHI).

BACKGROUND

In March 2010 the Authority provided two loans totaling $1,676,000 (Authority Loans) to Community Ventures (CV) for the development of 12 rental units at 209 E. Price Street (Project) for formerly homeless men. The Authority Loans were at 0% interest and are due and payable in 30 years. The City’s financial commitment was made to MPG; however, because of concerns about MPG’s development capacity, the Project was developed through construction and lease-up by CV.

On February 7, 2011, Resolution No 19,115 was adopted and approved by the Board authorizing the transfer of the Project from CV to MPG and permitting MPG’s assumption of the Authority Loans.

With the planned retirement of its founder/executive director in 2014, MPG began to assess the future of the organization. The MPG Board engaged a task force to begin the process of evaluating and interviewing potential partner organizations who would be able to preserve the mission of MPG. The process led to the selection of Horizon House, Inc., a 501 (c) 3, which has been providing services to the homeless and developmentally disabled since 1952. MPG will merge into HHI pursuant to the Merger Agreement.

HHI is committed to ensuring a seamless transition in the performance of its obligations under the Merger Agreement; however the transaction will not be feasible unless the Authority Loans are forgivable as such indebtedness would otherwise have a significant negative impact on HHI’s pro forma balance sheet that would require the renegotiation of its current financing arrangements with its bank. HHI is therefore requesting that the Authority loans be modified to be forgiven at the end of the 30 year loan term.

BOARD ACTION

The Board is asked to consent to the following:

Permit the transfer of the Project to HHI pursuant to the Merger Agreement.

18 Item II (a)

Permit the assumption by HHI of the Authority Loans and Authority Mortgages.

Modify the terms of the Authority Loans so that in year 26, if the Project is used to provide housing for low income-individuals and/or families, the principal will be reduced by 20% annually and be fully forgiven at the end of the 30th year following closing.

The resolution is attached hereto.

Proposed Resolution is attached

Prepared by: Darci Bauer, Sr. Housing Development Officer Reviewed by: David Thomas, Deputy Executive Director

19 Item II (b)

BOARD FACTSHEET Meeting of October 8, 2014 Reed House 1320 S. 32nd Street Modification of Loans

TRANSACTION SUMMARY

Transfer and assumption of three Authority loans as a result of the limited partner, National Equity Fund, Inc. exiting the partnership and the general partner acquiring the limited partnership interest.

BACKGROUND

In December, 1998 the Authority provided three loans totaling $1,375,000 (Authority Loans) to Reed House Associates, S.R.O. (Borrower), a Pennsylvania limited partnership created by the Salvation Army for the development of 66 rental units at 1320 S. 32 nd Street (Project). Salvation Army served as the general partner and was also the management agent and social service provider to the residents.

The low income housing tax credit program requires that the Project remain affordable for a period of fifteen years, which for this Project ended in 2014; therefore the limited partner desires to exit the partnership. The Salvation Army has requested consent to its acquisition of the limited partnership interest of the Borrower. The Salvation Army would continue to operate this Project as an affordable rental housing development throughout the extended use period ending in 2029 and beyond.

BOARD ACTION

The Board is asked to consent to the following:

1. Permit the transfer of the Project to Salvation Army.

2. Permit the assumption by the Salvation Army of the Authority Loans and Authority Mortgages.

The proposed resolution is attached.

Prepared by: Darci Bauer, Sr. Housing Development Officer Reviewed by: David Thomas, Deputy Executive Director

20 Item III

BOARD FACTSHEET Meeting of October 8, 2014 City of Philadelphia Vacant Property Review Committee

Nature of Transaction: PRA will facilitate the conveyance of title from the City to identified Grantees listed below. All Grantees have been selected by VPRC. The VPRC serves as an advisory committee and recommends to the City Commissioner of Public Property what City surplus properties should be made available for disposition in accordance with Chapter 16-400 of the City Code.

The conveyance of these properties to the Grantees for reuse will relieve the City of the care; maintenance and management of the properties and help arrest blight in the neighborhoods and restore the properties to productive use.

Properties and Grantees listed below were approved by the VPRC for disposition and a Resolution authorizing the disposition by the PRA was approved by City Council.

PROPERTY INFORMATION:

1) Nominal Disposition: The following Sixty-seven (67) properties will be conveyed at nominal under the Gift Property Program.

Address Grantee(s) Grantee

1414 Deal Street Cecelia Sweeney 1517 & 1538 N. Lambert Street PHA 1542 & 1546 N. Lambert Street PHA 2820 North Leithgow Street Tassie Rivera 2026 & 2041 Master Street PHA 2043 & 2046 Master Street PHA 2112, 2117 & 2140 Master Street PHA 2240, 2301 & 2303 Master Street PHA 2307-11 Master Street PHA 2313, 2315 & 2317 Master Street PHA 2335 & 2424 Master Street PHA 2426 & 2440 Master Street PHA 2434 & 2452 Nassau Street PHA 2050 & 2229 West Oxford Street PHA 2343, 2411 & 2417 West Oxford Street PHA 2005 & 2009 Redner Street PHA 2011 & 2015 Redner Street PHA 2025 & 2031 Redner Street PHA

21 Item III 2033, 2035, 2037 & 2039 Redner Street PHA 2041, 2043, 2045 & 2047 Redner Street PHA 2051, 2055, 2409 & 2432 Redner Street PHA 2033, 2035, 2038 & 2041 Ridge Avenue PHA 2043, 2045 & 2046 Ridge Avenue PHA 2047-49 Ridge Avenue PHA 2069, 2071 & 2077 Ridge Avenue PHA 2104, 2106 & 2126 Ridge Avenue PHA 2807 North Water Street Carmen Rodriguez 1322 North 15th Street PHDC 1313 North 16th Street PHDC 2736 North Waterloo Street Esteban Padilla II

2) Self-amortizing Mortgage Disposition: The following one (1) property will be conveyed at fair market value as determined by LAMA, with a self-amortizing mortgage for the purchase price.

Address Grantee(s) Grantee Price

536 South 49th Street Dustin Dowd $27,253.00 (LAMA)

3) Fair Market Disposition: The following five (5) properties will be conveyed at fair market value as established by appraisals obtained by the Office of Housing and Community Development of the City of Philadelphia or by the LAMA pricing model:

Address Grantee(s) Grantee Appraisal/LAMA Value

1616 West Ogden Street 1619 Ridge Avenue LP $15,246.00 (LAMA) 1617 Ridge Avenue 1619 Ridge Avenue LP $28,007.00 (LAMA) 1625 Ridge Avenue 1619 Ridge Avenue LP $40,487.00 (LAMA) 1339 South 18th Street 1300 Bouvier LP $100,3001 (RFP Competitive Bid) 417 South 60th Street Progressive Communities $ 4,886.00 (LAMA) CDC

1 $100,300 was the bid for an assemblage of properties that includes 1339 S. 18th Street and 1332-56 S. Bouvier Street. Conveyance of 1332-56 S. Bouvier Street was approved by the Authority Board at its meeting of September 10, 2014. 1339 S. 18th Street was inadvertently omitted from the September 10, 2014 resolution.

22 Item IV

BOARD FACTSHEET Meeting of October 8, 2014 Bond Counsel PHIL Program

Request:

Approval of a contract in an amount not to exceed $75,000 between the Authority and Fineman Krekstein & Harris, P.C. (Fineman) to serve as legal consultant for the sale of the loan portfolio.

Background:

The PHIL program was closed in FY 14. In September 2014, the Authority issued a Request for Proposals (RFP) to identify a legal consultant to assist in the sale of the PHIL loan portfolio. The legal consultant will serve as Bond Counsel in connection with the potential sale of pools of residential mortgage loans held by the Authority, which were generated through several bond indentures, and provide independent legal support to the financial team and independent legal advice to the Authority.

The Authority received four (4) responses and selected Fineman as the most responsive bidder because of its experience and qualifications to perform the services stated in the RFP. Fineman was also the lowest responsive bidder.

Proposed Resolution is attached.

23 Item I (a)

BOARD FACTSHEET Meeting of November 12, 2014 Approval of Contract Amendment with Stantec Consulting Services, Inc.

Request:

Approval of a contract amendment between the Authority and Stantec Consulting Services Inc. (“Stantec”) for a contract amount not to exceed $75,000

Background:

In March 2012, the Authority entered into a Contract for Professional Services (the “Contract”) with Stantec to remediate contamination discovered at an Authority-owned former gas station located at 1718-26 N. 52nd Street (the “Premises”). Site clearance by the Pennsylvania Department of Environmental Protection (“PADEP”) is required in order for the Authority to convey the Premises as part of the proposed development of the Centennial Village project, which is a low-income housing tax credit project that will include a 32-unit apartment building designed for seniors with first floor commercial/retail space. The Contract has been amended three prior times due to the extent of the contamination that has been discovered while conducting the remediation activities and the awarding of a grant by the Pennsylvania Department of Community and Economic Development. A fourth amendment to the Contract is necessary because while performing groundwater sampling on the Premises, Stantec encountered free product (oil and/or gas) in one of the monitoring wells. Due to the recent discovery, additional environmental remediation is required to obtain site characterization and a release of liability from PADEP.

The volume and complexity of the environmental remediation activities has caused the cost to exceed the original contract amount. In order to complete the remediation of the Premises and submit all required reports and other documents required by PADEP, the contract amount must be increased up to an additional $75,000.

Proposed Resolution is attached.

1 Item I (a)

RESOLUTION NO.

RESOLUTION AUTHORIZING AN AMENDMENT TO THE CONTRACT FOR PROFESSIONAL SERVICES WITH STANTEC CONSULTING SERVICES INC. TO PERFORM ENVIRONMENTAL REMEDIATION AT 1718-26 N. 52ND STREET

BE IT RESOLVED, by the Philadelphia Redevelopment Authority, that authorization is hereby for the Authority to enter into an amendment to a Contract for Professional Services with Stantec Consulting Services Inc. to perform environmental remediation at 1718-26 N. 52nd Street, with a maximum compensation not to exceed $75,000.

FURTHER AUTHORIZING, the preparation of all documentation necessary to carry out the foregoing in form and substance acceptable to the Executive Director and General Counsel.

FURTHER AUTHORIZING, that the Executive Director with the advice of General Counsel may allow modifications to the Resolution necessary or desirable to carry out its purposes and intents.

2 Item I (b)

BOARD FACTSHEET Meeting of November 12, 2014 Funding to City Economic Stimulus Fund

NAME OF DEVELOPER/APPLICANT: City of Philadelphia, Department of Commerce

Nature of Transaction: The City’s Department of Commerce is engaging in certain programs and projects intended to increase and assist with economic stimulus in the City. The Commerce Department is requesting Board authorization to provide funding to the City's Economic Stimulus Fund to engage in such economic stimulus programs and projects as opportunities arise.

Legal Entity/Other Partners (if applicable): City of Philadelphia, Department of Commerce

COMMENTS OR OTHER CONDITIONS:

The Commerce Department holds certain funds at the Authority on the City’s behalf. The Department is now seeking to transfer up to $1.5 million of the funding to the City's Economic Stimulus Fund. The funding will be transferred at the times and in the amounts as directed by the Commerce Department.

A Proposed Resolution is attached.

3 Item I (b)

RESOLUTION NO.

RESOLUTION AUTHORIZING THE DISBURSEMENT OF FUNDS HELD FOR THE BENEFIT OF THE CITY OF PHILADELPHIA, DEPARTMENT OF COMMERCE, AS DIRECTED BY THE DEPARTMENT OF COMMERCE

WHEREAS, the Authority maintains the balance of certain funds which were provided to the Authority by the City of Philadelphia, Department of Commerce, in connection with various projects undertaken by the Authority and sponsored by the Department of Commerce, which projects are now completed (the “Commerce Funds”);

WHEREAS, the Commerce Funds have been held by the Authority for the benefit of the Department of Commerce;

WHEREAS, from time to time, the Department of Commerce will engage in programs or projects intended to increase and assist with economic stimulus in the City;

WHEREAS, in order to provide such assistance in a flexible, prompt and efficient manner, the Department of Commerce will request the Authority to advance portions of the Commerce Funds to certain City or City-related entities who will engage in such programs or projects as opportunities arise; and

WHEREAS, the Department of Commerce desires to make available certain Commerce Funds, and has therefore requested that the Authority transfer to the City's Economic Stimulus Fund, Commerce Funds in an amount up to One Million Five Hundred Thousand Dollars ($1,500,000) for stimulus program purposes.

NOW THEREFORE, BE IT RESOLVED, by the Philadelphia Redevelopment Authority, that, upon the further written direction of the Department of Commerce to the Authority’s Executive Director, the Authority shall transfer to the City's Economic Stimulus Fund an amount not to exceed One Million Five Hundred Thousand Dollars ($1,500,000) from Commerce Funds at the times and in the amounts so directed by the Department of Commerce.

FURTHER AUTHORIZING the preparation, execution, and delivery of any documentation deemed necessary or desirable in order to carry out the foregoing.

4 Item II (a)

BOARD FACTSHEET Meeting of November 12, 2014 Selection of Redeveloper and Self-Amortizing Loan 3109 Morse Street

NAME OF DEVELOPER/APPLICANT: Anthony Muhammad and Linda Muhammad

Nature of Transaction: Selection of applicant to develop the adjacent lot for side yard use; property located in North Philadelphia.

Mailing Address: 3111 Morse Street, Philadelphia, PA 19121

PROPERTY INFORMATION: 3109 Morse Street

Description: 736 sq. ft., vacant lot Zoning: RM1 Use: Side Yard

Disposition Value: $2,841 w/10-year self-amortizing mortgage

Property value was established by the LAMA upfront pricing model and advertised for sale on www.PhillyLandWorks.org; the applicant’s expression of interest was the only submission received for this property.

Transaction qualifies for a side yard conveyance; applicant is the owner-occupant of the adjacent property and will be given a 10-year self-amortizing mortgage on the disposition value, which decreases by 10% each year. This mortgage is non-payable, unless the applicant sells, changes the use, or otherwise seeks to encumber the property within the 10-year period from the date of the mortgage.

COMMENTS OR OTHER CONDITIONS:

Per Chapter 17-1600 of the Philadelphia Code, the City has determined that an Economic Opportunity Plan is not required for this transaction given the improvement budget is under $250,000.

Applicant is compliant with the City of Philadelphia Revenue Department and has no outstanding tax obligations, conflicts of interest, or unresolved violation of City L&I codes.

Proposed Resolution and supporting project information are attached (site map, photograph and sources and uses).

Prepared by: Brian Romano, Project Manager Reviewed by: Robert LaBrum

5 Item II (a)

RESOLUTION NO.

RESOLUTION SELECTING ANTHONY MUHAMMAD AND LINDA MUHAMMAD AS REDEVELOPERS OF 3109 MORSE STREET LOCATED IN THE NORTH PHILADELPHIA REDEVELOPMENT AREA, MODEL CITIES URBAN RENEWAL AREA AND APPROVING A SELF-AMORTIZING LOAN FOR THE DISPOSITION PRICE

BE IT RESOLVED, by the Philadelphia Redevelopment Authority, that Anthony Muhammad and Linda Muhammad are hereby selected as Redevelopers of 3109 Morse Street, located within the North Philadelphia Redevelopment Area, Model Cities Urban Renewal Area, and approval is hereby given to the Redevelopment Contract and the proposed method of disposition as most appropriate and prudent under the law and circumstances; approving a disposition price of Two Thousand Eight Hundred Forty-One Dollars ($2,841.00); determining that the Redeveloper possesses the qualifications and financial resources necessary to acquire and develop the property in accordance with the Redeveloper’s approved plans; further authorizing the execution, delivery and recording of the Redevelopment Contract and a Deed for the property and the preparation of all other documentation necessary or desirable in order to carry out the foregoing, and to obtain the appropriate councilmanic action.

BE IT FURTHER RESOLVED, that the Philadelphia Redevelopment Authority will provide a self-amortizing loan in the amount of $2,841 for a term of 10 years at 0% interest that will be secured by a mortgage on the property. The amount of the obligation will decrease by 10% each year for the 10 year period that the buyer remains in compliance with the Authority’s Land Disposition Policy.

FURTHER RESOLVING, that the Executive Director with the advice of General Counsel may allow modifications to the Resolution necessary or desirable to carry out its purposes and intents.

6 Item II (a)

7 Item II (a)

8 Item II (a)

9 Item II (b)

BOARD FACTSHEET Meeting of November 12, 2014 Selection of Redeveloper 2039 E. York Street

NAME OF DEVELOPER/APPLICANT: Timothy Faruol

Nature of Transaction: Selection of developer to construct a single-family homeownership unit, located in the New Kensington-Fishtown neighborhood.

Legal Entity/Other Partners (if applicable): Timothy Faruol

Mailing Address: 2204 Aramingo Avenue, Philadelphia, PA 19125

PROPERTY INFORMATION: 2039 E. York Street

Description: 1204 sq. ft., vacant lot Zoning: RSA-5 Use: Residential

Disposition Value: $16,218

Property value was established by the LAMA upfront pricing model and advertised for sale on www.PhillyLandWorks.org. There was one other Expression of Interest for this parcel, but that person was unresponsive and didn’t submit any of the forms needed to move forward.

FINANCING:

The developer is purchasing the property listed above; documentation of available funds in an amount no less than the total project cost has been provided, see attached outline of sources and uses.

COMMENTS OR OTHER CONDITIONS:

Acquisition and commencement of construction of the proposed project is estimated to start in March 2015 with construction completion within 18 months.

The Developer is compliant with the City of Philadelphia Revenue Department and has no outstanding tax obligations, conflicts of interest, or unresolved violation of City L&I codes.

Per Chapter 17-1600 of the Philadelphia Code an Economic Opportunity Plan is not required for this project given the construction budget is under $250,000. The developer is encouraged to make a best and good faith effort to employ and document their effort to hire MBE, WBE and DBE registered businesses.

10 Item II (b) This developer is new to the PRA, and therefore, no past performance has been recorded.

Proposed Resolution and supporting project information are attached (sources & uses, site map and photograph).

Prepared by: Brian Romano, Project Manager Reviewed by: Tania Nikolic

11 Item II (b)

RESOLUTION NO.

RESOLUTION SELECTING TIMOTHY FAROUL AS REDEVELOPER OF 2039 E. YORK STREET LOCATED IN THE NEW KENSINGTON-FISHTOWN REDEVELOPMENT AREA, NEW KENSINGTON-FISHTOWN URBAN RENEWAL AREA

BE IT RESOLVED, by the Philadelphia Redevelopment Authority, that Timothy Faruol is hereby selected as Redeveloper of 2039 E. York Street, located within the New Kensington- Fishtown Redevelopment Area, New Kensington-Fishtown Urban Renewal Area, and approval is hereby given to the Redevelopment Contract and the proposed method of disposition as most appropriate and prudent under the law and circumstances; approving a disposition price of Sixteen Thousand Two Hundred Eighteen Dollars ($16,218.00); determining that the Redeveloper possesses the qualifications and financial resources necessary to acquire and develop the property in accordance with the Redeveloper’s approved plans; further authorizing the execution, delivery and recording of the Redevelopment Contract and a Deed for the property and the preparation of all other documentation necessary or desirable in order to carry out the foregoing, and to obtain the appropriate councilmanic action.

FURTHER RESOLVING, that the Executive Director with the advice of General Counsel may allow modifications to the Resolution necessary or desirable to carry out its purposes and intents.

12 Item II (b)

13 Item II (b)

14 Item II (b)

15 Item II (c)

BOARD FACTSHEET Meeting of November 12, 2014 Assignment of Development Rights 2414 E. Gordon Street

NAME OF DEVELOPER/APPLICANT: 2412 E. Gordon Street, LLC

Nature of Transaction: Approve an Assignment Agreement from Andrew Yaffe to his entity 2412 E. Gordon Street, LLC for the property at 2414 E. Gordon Street. Mr. Yaffe is proposing to construct two (2) single-family units on part of this lot and the properties he already owns at 2412 E. Gordon Street and 2416 E. Gordon Street.

Legal Entity/Other Partners (if applicable): 2412 E. Gordon Street

Mailing Address: 1900 Rittenhouse Square, 4B, Philadelphia, PA 19103

PROPERTY INFORMATION: 2414 E. Gordon Street

Description: 810 sq. ft., vacant lot Zoning: RSA-5 Use: Residential

COMMENTS OR OTHER CONDITIONS:

The original Redevelopment Agreement was approved by the Board on May 14, 2014 (Resolution 2014-50) and by City Council on June 12, 2014. The developer has been notified that this will need to go back to City Council for approval because of the assignment to a new entity.

Proposed Resolution and supporting information are attached (site map and photographs).

Prepared by: Brian Romano, Project Manager Reviewed by: Robert LaBrum

16 Item II (c)

RESOLUTION NO.

NEW KENSINGTON-FISHTOWN REDEVELOPMENT AREA, NEW KENSINGTON- FISHTOWN URBAN RENEWAL AREA: RESOLUTION APPROVING AN ASSIGNMENT AGREEMENT FOR 2414 E. GORDON STREET

WHEREAS, the Redevelopment Authority entered into a Redevelopment Agreement with Andrew Yaffe (“Redeveloper”) dated May 1, 2014 for development of a certain parcel of property located within the New Kensington-Fishtown Urban Renewal Area, including 2414 E. Gordon Street (the “Assigned Parcel”);

WHEREAS, the Redevelopment Agreement provides that Redeveloper may indicate an assignee for all or portions of the project area upon certain conditions as more fully set forth therein;

WHEREAS, Redeveloper has submitted the name of 2412 E. Gordon Street, LLC as assignee of the Assigned Parcel and has requested that the Authority approve this assignment and consent to the transfer of title of the Assigned Parcel to 2412 E. Gordon Street, LLC;

WHEREAS, the Authority has considered this request and has examined the qualifications of 2412 E. Gordon Street, LLC and other factors relevant to the proposed assignment.

NOW THEREFORE, BE IT RESOLVED, that:

1. 2412 E. Gordon Street, LLC is approved as Assignee of the Assigned Parcel.

2. The Assignee possesses the qualifications and financial resources to develop the Assigned Parcel in accordance with the Redevelopment Agreement.

3. The assignment of Redevelopment Agreement and the transfer of the Assigned Parcel do not represent profit to Redeveloper.

4. The Authority shall enter into an Assignment Agreement with Redeveloper and Assignee, and shall prepare, execute and deliver any documentation deemed necessary or desirable in order to carry out the foregoing under terms acceptable to the Executive Director and in a form acceptable to General Counsel.

FURTHER AUTHORIZING the Executive Director, with the advice of General Counsel, to allow modifications and corrections to this Resolution which are necessary or desirable to carry out its purposes and intents.

17 Item II (c)

18 Item II (c)

19 Item II (d)

BOARD FACTSHEET Meeting of November 12, 2014 Selection of Redeveloper 1001 Vine Street, LP

NAME OF DEVELOPER/APPLICANT: 1001 Vine Street, LP

Nature of Transaction: Selection of developer proposing to construct a 23-story, 227,000 sq. ft. mixed use building; 10,000 sq. ft. of ground floor retail space, 17,000 sq. ft. community center, 16,000 sf. of office space and 143 upper floor rental units located immediately north of the Market East Chinatown neighborhood.

Legal Entity/Other Partners (if applicable): ETCC GP, Inc.

Mailing Address: 301-05 N. 9th Street, Philadelphia, PA 19107

PROPERTY INFORMATION: 1001-1011 Vine Street & 314 N. 10th Street

Description: 18,000 sq. ft., vacant lot Zoning: CMX3 Use: Mixed Use

Disposition Price: $ 776,308.00

The property value for 1001-1005 Vine Street, including 314 N. 10th Street, was established at $776,308 when the Authority acquired the parcel from PennDOT at fair market value. The remaining portion of the site, 1007-1011 Vine Street, also owned by the Authority, will be conveyed at nominal to support the community project.

FINANCING:

The developer is purchasing the property listed above; documentation of available funds in an amount no less than the total project cost has been provided, see attached outline of sources and uses.

COMMENTS OR OTHER CONDITIONS:

Acquisition and commencement of construction of the proposed project is estimated to start in Spring 2015 with construction completion within 18 months.

Developer is compliant with the City of Philadelphia Revenue Department and has no outstanding tax obligations, conflicts of interest, or unresolved violation of City L&I codes. Per Chapter 17-1600 of the Philadelphia Code, the City has approved the Economic Opportunity Plan.

Proposed Resolution and supporting project information are attached (sources & uses, site map and photographs, EOP).

Prepared by: Jessie Lawrence, Project Manager Reviewed by: Robert LaBrum

20 Item II (d)

RESOLUTION NO.

RESOLUTION SELECTING 1001 VINE STREET, LP AS REDEVELOPER OF 1001-1011 VINE STREET AND 314 N. 10TH STREET LOCATED IN THE CENTER CITY REDEVELOPMENT AREA, FRANKLIN URBAN RENEWAL AREA

BE IT RESOLVED, by the Philadelphia Redevelopment Authority, that 1001 Vine Street, LP is hereby selected as Redeveloper of 1001-1011 Vine Street and 314 N. 10th Street, located within the Center City Redevelopment Area, Franklin Urban Renewal Area, and approval is hereby given to the Redevelopment Contract and the proposed method of disposition as most appropriate and prudent under the law and circumstances; approving a disposition price of Seven Hundred Seventy-Six Thousand Three Hundred Eight Dollars ($776,308.00); determining that the Redeveloper possesses the qualifications and financial resources necessary to acquire and develop the property in accordance with the Redeveloper’s approved plans; further authorizing the execution, delivery and recording of the Redevelopment Contract and a Deed for the property and the preparation of all other documentation necessary or desirable in order to carry out the foregoing, and to obtain the appropriate councilmanic action.

FURTHER RESOLVING, that the Executive Director with the advice of General Counsel may allow modifications to the Resolution necessary or desirable to carry out its purposes and intents.

21 Item II (d)

Project Financing: Estimated Sources and Uses of Funds. Sources must equal Uses.

Sources: Name all sources of funding. Bidder must provide evidence of committed funds.

Type Amount Name of Source Committed: Y/N Documentation Attached: Y/N Developer Equity -$ Acquisition Financing -$ Construction Financing -$ Other -$ Other -$ Other -$ Other -$ Total Sources -$

Uses: Provide estimated costs to redevelop property

Uses Amount Source of Estimate Acquisiton Cost (include closing cost) -$ Holding Costs -$ Construction Costs -$ Design/Engineering Costs -$ Legal Costs -$ Other -$ Other -$ Other -$ Total Uses -$

Property Application Form Page 4

22 Item II (d)

23 Item II (d)

24 Item II (d)

25 Item II (d)

26 Item II (d)

27 Item II (e)

BOARD FACTSHEET Meeting of November 12, 2014 Conveyance of Properties City of Philadelphia

NAME OF DEVELOPER/APPLICANT: City of Philadelphia

Sartain Community Garden: 1114-18 Locust Street

South Street Garden: 831-39 South Street

Summer-Winter Garden: 3223-33 Race Street & 215-17 N. 33rd Street

Waverly Garden: 1123-31 Waverly Street

Disposition Price: $10.00

Proposed Resolution and supporting project information are attached (site map, photographs, & letter from Parks & Recreation requesting transfer).

Prepared by: Jessie Lawrence, Project Manager Reviewed by: Robert LaBrum

28 Item II (e)

RESOLUTION NO.

RESOLUTION AUTHORIZING THE CONVEYANCE OF 1114-18 LOCUST STREET, 3223-33 RACE STREET, 831-39 SOUTH STREET, 1123-31 WAVERLY STREET AND 215-17 N. 33RD STREET

BE IT RESOLVED, by the Philadelphia Redevelopment Authority, that authorization is given for the conveyance of 1114-18 Locust Street, 3223-33 Race Street, 831-39 South Street, 1123-31 Waverly Street and 215-17 N. 33rd Street to the City of Philadelphia for the nominal price of Ten Dollars ($10.00); further authorizing the execution, delivery, and recording of any documentation necessary or desirable in order to complete the sale and settlement for the properties in form and substance acceptable to Authority’s counsel.

FURTHER RESOLVING, that the Executive Director with the advice of General Counsel may allow modifications to the Resolution necessary or desirable to carry out its purposes and intents.

29 Item II (e)

30 Item II (e)

31 Item II (e)

32 Item II (e)

33 Item II (e)

33RD SUMMER CONVEYANCE TO CITY OF PHILADELPHIA

NATRONA (1) Summer- Winter Garden - 3223-33 Race Street and

32 215-17 N. 33rd Street (2) Sartain Community Garden - 1114-18 Locust Street (3) Waverly Garden - 1123-31 Waverly Street RACE (4) South Street Garden - 831-39 South Street

CHERRY Summer-Winter Garden

SAINT JAMES 3 SAINT JAMES 4

LOCUST

11TH

LATIMER

12TH

QUINCE SARTAIN LOMBARD

JESSUP IRVING IRVING MANNING

08TH

Sartain Community Garden RODMAN

DARIEN

PANAMAFA

09TH SOUTH

QUINCE

CAMAC

PINE SCHELL South Street Garden

WAVERLY

WAVERLY WAVERLY ADDISON

12TH

JESSUP LOMBARD

Waverly Garden 34 Item III (a)

BOARD FACTSHEET Meeting of November 12, 2014 Non-Recourse Construction Permanent Loan A portion of 1330 Vernon Road

NAME OF SPONSOR/DEVELOPER: Depaul USA, Inc.

Nature of Transaction: Authorization for the Authority to enter into a non-recourse construction permanent loan agreement with Depaul USA, Inc. in the amount of $2,099,700 (Authority Loan). The proceeds of the Authority Loan will be used to assist in the rehabilitation of 27 permanent supportive rental units in the East Mt. Airy neighborhood of Philadelphia.

Legal Entity: Depaul USA, Inc. (Borrower)

PROJECT INFORMATION: St. Raymond’s House

Address: A portion of 1330 Vernon Road

Total Development Cost: $2,811,449

Total Construction Cost: $1,577,997

PRA Financing: $1,699,700 HOME Funds & $400,000 Supportive Housing Funds FINANCING:

The Authority Loan will be structured with a term of 30 years at 0% interest from the date of loan closing and secured by a first lien position on the Borrower’s leasehold interest. Provided that the project is used for low-income housing and complies with the loan conditions, the Authority Loan will be reduced beginning in year 26 by 20 percentage points annually until it is fully amortized.

COMMENTS OR OTHER CONDITIONS:

The City has approved the Economic Opportunity Plan for this project. The Philadelphia Planning Commission has issued an environmental clearance on the property. The Authority housing construction department has approved the plans, specification and construction costs for the project. The Department of Revenue has issued a tax clearance for all members of the development team.

Proposed Resolution is attached

Prepared by: Darci Bauer, Underwriter Reviewed by: David Thomas, Deputy Executive Director

35 Item III (a)

RESOLUTION NO.

RESOLUTION AUTHORIZING THE AUTHORITY TO ENTER INTO A NON- RECOURSE CONSTRUCTION/PERMANENT LOAN AGREEMENT WITH DEPAUL USA, INC. IN THE AMOUNT UP TO $2,099,700

NOW THEREFORE, BE IT RESOLVED, by the Philadelphia Redevelopment Authority, (Authority) that the Authority is authorized to enter into non-recourse Construction/Permanent Loan Agreement with Depaul USA, Inc. (Borrower) under terms and conditions as follows:

1. The Authority is providing a (construction/permanent) loan in the amount of $2,099,700 (Authority Loan). The Authority Loan will be used to assist in the rehabilitation of 27 affordable rental units located on a portion of 1330 Vernon Road in the East Mt. Airy neighborhood of Philadelphia (Property). Upon completion, the units will target households at or below 60% of Area Median Income.

2. The term of the Authority Loan will be for 30 years at 0% interest from the date of loan closing. Beginning in year 26, the Authority Loan will be reduced by 20 percentage points each year until the loan is fully amortized, provided the project is used for low-income housing and complies with the conditions of the loan.

3. The Authority Loan will be secured by a first lien position on the Borrower’s leasehold interest in the Property.

4. Disbursement of loan proceeds will be contingent upon the following:

i. All necessary Authority approvals from various departments.

FURTHER, authorizing the Executive Director, with the advice of General Counsel, to allow modifications and corrections to this Resolution which are necessary or desirable to carry out its purposes and intents and the execution and delivery of all documents necessary to carry out the foregoing.

36 Item III (a) Philadelphia Redevelopment Authority Project Fact Sheet

PROJECT St. Raymond’s House

ADDRESS A portion of 1330 Vernon Road

BORROWER Depaul USA, Inc.

DEVELOPER/SPONSOR Depaul USA, Inc.

TOTAL DEVELOPMENT COST $2,811,449

TOTAL CONSTRUCTION COST $1,577,997

PRA FINANCING $1,699,700 HOME funds 400,000 SHP funds

SCOPE OF CONSTRUCTION Rehabilitation – Prevailing Wage

PROJECT DESCRIPTION

The St. Raymond’s House development is located on a portion of 1330 Vernon Road in the East Mt. Airy neighborhood of Philadelphia. The three-story building is approximately 22,500 square feet and the former convent at St. Raymond’s parish. The project consists of the rehabilitation of the building into 27 permanent supportive single room occupancy rental units for homeless individuals, many of whom will have substance abuse or a mental health diagnosis. Depaul USA, Inc. (Depaul) will provide case management, supportive services, education, financial literacy, transportation, and life skills training designed to stabilize individuals within an independent living facility. Fifteen units will be fully accessible. All remaining units will be adaptable and there will be three hearing/vision impaired units.

The building is currently unoccupied and owned by the Archdiocese of Philadelphia. Depaul will purchase the building and enter into a 99 year ground lease for the property.

DEVELOPER/OWNER DESCRIPTION

Depaul USA, Inc. (Depaul) is a 501 (c) 3 non-profit organization that was formed in 2008 for the purpose of providing case management and supportive services for the special needs populations. Depaul operates seven projects in 4 cities that assist homeless and disadvantaged people to meet their potential and reintegrate into the community. Since this is the first development project that the Depaul has undertaken, they have hired Community Ventures, a housing developer with extensive experience, who will serve as the project consultant and will help organize and advance the project through the development process, structure the project financing, and provide guidance during the construction process.

37 Item III (a) 2

Community Ventures, Inc. (CV) is a non-profit developer of low and moderate-income housing. CV was incorporated in 1987 with the mission of entering into joint venture redevelopment efforts with neighborhood organizations in Philadelphia, constructing each of its projects within the context of a long-term plan to stabilize and improve an urban neighborhood.

CV has established a strong development track record, with approximately $40 million in completed developments, which includes 250 rental units and 100 homeownership units in five different Philadelphia neighborhoods: Francisville, Germantown, South Philadelphia, West Parkside and Susquehanna.

PROJECT FINANCING

The Authority is providing a (construction/permanent) mortgage in the amount of $2,099,700. This loan will be structured with a term of 30 years at 0% interest from the date of loan closing. Beginning in year 26, the Authority Loan will be reduced by 20 percentage points each year until the loan is fully amortized, provided that the project is used for low-income housing and complies with the conditions of the loan. This loan will be secured by a first lien position on the Borrower’s leasehold interest.

Federal Home Loan Bank of New York is providing $300,000 in financing.

Federal Home Loan Bank of Pittsburgh is providing $299,049 in financing.

Multiple Grants totaling $112,700 were contributed to the project.

APPROVALS

• Environmental clearance from the Philadelphia Planning Commission Historical clearance from the Philadelphia Historical Commission. • Construction Division approval of plans, specifications and costs. • The participation ranges for MBE are 18%, WBE are 7% and DSBE are 2% which have been approved by the Office of Economic Opportunity. • Department of Revenue’s tax status clearance for all members of the Development Team.

EXHIBITS

• Project Development Team • Members – Depaul USA, Inc. • Development Budget • Operating Proforma • EOP Approval • Site Plan

38 Item III (a) 3

St. Raymond’s House Project Development Team Exhibit A

OWNER/DEVELOPER Depaul USA, Inc. 5725 Sprague Street Philadelphia, PA 19138

ARCHITECT Blackney Hays Architects 150 S. Independence Mall West Philadelphia, PA 19106

CONTRACTOR Domus, Inc. 346 E. Walnut Lane Philadelphia, PA 19144

ATTORNEY Archer Greiner Law One Centennial Square Haddonfield, NJ 08033

ACCOUNTANT O’Hara, Ward & Associates 1036 Mill Creek Drive Feasterville, PA 19053

DEVELOPMENT CONSULTANT Community Ventures, Inc. 1501 Cherry Street Philadelphia, PA 19102

MANAGEMENT AGENT Depaul USA, Inc. 5725 Sprague Street Philadelphia, PA 19138

SUPPORTIVE SERVICE Depaul USA, Inc. PROVIDER 5725 Sprague Street Philadelphia, PA 19138

39 Item III (a) 4

Board of Directors Depaul USA, Inc.

Rev. Bernard M. Tracey, Board Chair Larry Pearlman, Board Secretary Deeni Taylor, Board Treasurer Sister Martha Beaudoin Kathryn McBrearty, Gerhardt Bon S. Ku Sister Jean Maher Gary Musolf Curtis J. Tarver II Harry J. Williamson Charles W. Levesque

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52 Item III (b)

BOARD FACTSHEET Meeting of November 12, 2014 Brownstone II Modification of Loans to Diamond Street Venture, Diamond Phase II Venture and Diamond Phase III Venture

TRANSACTION SUMMARY

The partial release, subordination, and restructuring of three Authority loans to permit the preservation and development of affordable housing units.

BACKGROUND

In 1989 and 1990, the Philadelphia Housing Development Corporation (PHDC) provided financing (PHDC Financing) for two projects, Diamond Street Venture and Diamond Street Venture II, located on the 2900-3200 block of Diamond Street (PHDC Diamond Projects) developed by Pennrose Properties (Pennrose). The PHDC Financing, each evidenced by notes (individually, PHDC Note I and PHDC Note II; collectively, PHDC Notes) and secured by third mortgages on each respective project (PHDC Mortgages), was utilized to fund a portion of the development of 80 affordable rental units for low to moderate income families. The PHDC Notes and PHDC Mortgages were assigned to the Authority.

In 2009, following the expiration of the tax credit compliance period and with the support of PHFA, Pennrose developed a preservation plan that renovated 20 properties (Brownstone I) that were part of the PHDC Diamond Projects along with 5 buildings that were acquired from the Philadelphia Housing Authority (PHA). The acquisition price for the Brownstone I properties represented a pro-rata share of the PHDC and PHFA mortgage balances. Upon receipt of $100,000 for delinquent interest on the PHDC Note 1, the Authority released the Brownstone 1 properties from the liens of PHDC Mortgages and the new partnership assumed the pro-rata portion of PHDC Notes.

The principal amount of the PHDC Note I secured by the remaining properties was reduced to $462,713 at an interest rate of 1% due and payable 30 years from the date of execution. The principal amount of the PHDC Note II was reduced to $21,833 at an interest rate of 1% payable in monthly installments beginning on the 26th anniversary until fully amortized in year 40.

In 1995, the Authority provided a loan of $1,168,000 (Authority Financing) to Diamond Phase III Venture project located on the 2900-3200 blocks of Diamond Street (Authority Diamond Project) that was developed by Pennrose. The Authority Financing, evidenced by a note (Authority Note) and secured by a third mortgage (Authority Mortgage), was utilized for the development of twelve properties into 35

53 Item III (b) affordable rental units for low to moderate income families. The Authority Financing requires interest at 1% payable in monthly installments beginning on the 26th anniversary until fully amortized in year 40.

PROPOSED PROJECT

PHFA awarded LIHTC’s to Pennrose for a preservation project (Brownstone II Project) that includes seven properties (2937, 3020, 3022, 3024, 3029, 3032 and 3034 Diamond Street) from the PHDC Diamond Projects and eleven properties (2922, 2929, 3015, 3025, 3101, 3120, 3129, 3131, 3139, 3205, 3207 Diamond Street) from the Authority Diamond Project (collectively, the Authority Brownstone Properties) along with other blighted publically owned properties to create 46 affordable rental units.

The Brownstone II Project will be owned and operated by Diamond Street Housing Partnership II, LP (DSHP II) with a subsidiary of Pennrose serving as general partner. DSHP II seeks to assume the pro-rata share of the PHDC Notes and Authority Note (Brownstone Assumed Debt). The Authority Brownstone Properties would be released from the liens of the PHDC and Authority Mortgages.

In order to satisfy investor requirements, Pennrose has requested that the Assumed Brownstone Debt be restructured to 0% interest, due and payable in 30 years from the date of execution. As consideration for this restructuring, the Authority has negotiated an interest payment in the amount of $100,000.

BOARD ACTION

The Board is asked to consent to the following:

• Release and transfer of the Authority Brownstone Properties to Diamond Street Housing Partnership II, LP

• Assumption by Diamond Street Housing Partnership II, LP of Assumed Brownstone Debt

• Modification of the Assumed Brownstone Debt to extend the maturity date to 30 years from the date of loan closing at 0% interest and provide that no payments shall be due and payable until the maturity date.

• Allow the subordination of the Assumed Brownstone Debt to the construction financing and the assumed PHFA debt.

Proposed Resolution is attached

Prepared by: Darci Bauer, Sr. Housing Development Officer Reviewed by: David Thomas, Deputy Executive Director

54 Item III (b)

RESOLUTION NO.

RESOLUTION AUTHORIZING THE AUTHORITY TO CONSENT TO THE TRANSFER, ASSUMPTION, CONSOLIDATION, MODIFICATION AND SUBORDINATION OF THE EXISTING AUTHORITY DEBT PROVIDED TO AFFILIATES OF PENNROSE PROPERTIES, LLC

WHEREAS, the Philadelphia Housing Development Corporation (PHDC) provided financing in the amount of $1,920,000 to Diamond Street Venture and $949,546 to Diamond Phase II Venture (collectively, PHDC Loans) (limited partnerships created by Pennrose Properties, LLC) for the rehabilitation of various properties located on the 2900-3200 block of Diamond Street (PHDC Properties) to provide affordable rental housing for low to moderate income families.

WHEREAS, the PHDC Loans are evidenced by notes payable to PHDC and secured by mortgages on the PHDC Properties (PHDC Mortgages).

WHEREAS, the PHDC Mortgages were assigned to the Philadelphia Redevelopment Authority (Authority).

WHEREAS, pursuant to Resolution 18,854 adopted by the Board on July 14, 2009 the Authority approved the restructuring of the PHDC Loans and provided additional financing for the first phase of a preservation project (Brownstone I) provided to Diamond Street Housing Partnership, L.P. (DSHP Partnership). Properties were released from the PHDC Mortgages and transferred to DSHP Partnership along with the pro-rata portion of the PHDC Loans.

WHEREAS, the Authority provided financing in the amount of $1,168,000 to Diamond Phase III Venture (Authority Loan) a limited partnership created by Pennrose Properties, LLC (Pennrose) for the rehabilitation of various properties located on the 2900-3200 blocks of Diamond Street (Authority Properties) to provide affordable rental housing for low to moderate income families.

WHEREAS, the Authority Loan is evidenced by a note payable to the Authority and secured by a mortgage on the Authority Properties (Authority Mortgage).

WHEREAS, Pennrose has developed a preservation plan and secured financing to combine a portion of the PHDC Properties, 2937, 3020, 3022, 3024, 3029, 3032, 3034 Diamond Street, and Authority Properties, 2922, 2929, 3015, 3025, 3101, 3120, 3129, 3131, 3139, 3205, 3207, (collectively, the Brownstone II Properties) along with other blighted publically owned properties to create 46 affordable rental units (Brownstone II Project) under one owner, Diamond Street Housing Partnership II, LP (DSHP II Partnership) in which an affiliate of Pennrose will be the general partner.

WHEREAS, the Brownstone II Project will be rehabilitated and maintained as low income housing for an additional 30 years.

55 Item III (b)

WHEREAS, the Brownstone II Properties will be conveyed to the DSHP II Partnership.

NOW THEREFORE, BE IT RESOLVED by the Philadelphia Redevelopment Authority that the Authority is authorized to take the following actions:

• Permit the transfer of the Brownstone II Properties to the DSHP II Partnership • Permit the assumption of the pro-rata portion of the PHDC Loans and Authority Loan by the DSHP II Partnership • Modify the terms of the financing to extend the maturity date to 30 years from the date of closing at 0% interest and provide that no payments shall be due and payable until the maturity date. • Permit the subordination of the assumed Brownstone II Debt to the construction financing and assumed PHFA debt.

56 Item III (c)

BOARD FACTSHEET Meeting of November 12, 2014 5429-5455 Chestnut Street Subordination of Commercial Mortgage

Transaction Summary

The subordination of the Authority mortgage to allow WPP, L.P. to refinance its first lien mortgage on the commercial unit to fund improvements, establish reserves and consolidate ownership.

Background

In 2001 the Redevelopment Authority provided financing in the amount of $2,550,000 for the development of The Holmes School Condominium located at 5429-5455 Chestnut Street (Project) sponsored by affiliates of Neighborhood Restoration Partnership. Financing in the amount of $1,800,000 for the residential unit, Unit 2, was provided to Holmes School Limited Partnership, to create 42 affordable one-bedroom apartment units for low income elderly individuals on the three upper floors. Financing in the amount of $750,000 was provided to WPP, L.P. (Commercial Loan) for the commercial unit on the ground floor, Unit 1, which consists of 12,000 square feet with community oriented uses including a medical/occupational health service, a beauty salon, news/drug convenience store and office space.

Proposed Project

WPP has experienced vacancy with the office space and as a result has been unable to build the necessary reserves to make much needed improvements of the facility. WPP has requested that the Authority subordinate its mortgage to allow the commercial unit to be refinanced to make the needed capital improvements, consolidate ownership and establish reserves for long term viability. No change has been requested for the structure of the residential financing provided for Unit 2.

Board Action

• Allow the subordination of the Commercial Loan to a new first mortgage in an amount not to exceed $785,000

The resolution is attached hereto.

57 Item III (c)

RESOLUTION NO.

RESOLUTION AUTHORIZING THE AUTHORITY’S SUBORDINATION OF THE EXISTING AUTHORITY DEBT PROVIDED TO WPP, L.P.

WHEREAS, in 2001, the Redevelopment Authority provided a loan in the amount of $750,000 (Authority Loan) to WPP, L.P. (WPP), a Pennsylvania limited partnership.

The proceeds of the Authority Loan, secured by a second lien, were utilized for the ground floor renovation of the commercial unit of the Holmes School Condominium (Commercial Unit) located 5429-5455 Chestnut Streets providing 12,000 square feet of commercial space;

WHEREAS, WPP has requested the Authority’s consent to subordinate the Authority Loan to a new first mortgage.

WHEREAS, the net proceeds will be used for capital improvements, establishing a reserve fund and consolidating ownership; and

NOW THEREFORE, BE IT RESOLVED, by the Philadelphia Redevelopment Authority that the Authority consents to the subordination of the Authority Loan to a new first lien mortgage on the Commercial Unit in an amount not to exceed $785,000.

58 Item IV

BOARD FACTSHEET Meeting of November 12, 2014 City of Philadelphia Vacant Property Review Committee

Nature of Transaction: PRA will facilitate the conveyance of title from the City to identified Grantees listed below.

• All Grantees have been selected by VPRC. The VPRC serves as an advisory committee and recommends to the City Commissioner of Public Property what City surplus properties should be made available for disposition in accordance with Chapter 16-400 of the City Code.

• The conveyance of these properties to the Grantees for reuse will relieve the City of the care; maintenance and management of the properties and help arrest blight in the neighborhoods and restore the properties to productive use.

• Properties and Grantees listed below were approved by the VPRC for disposition and a Resolution authorizing the disposition by the PRA was approved by City Council.

PROPERTY INFORMATION:

1) Nominal Disposition: The following Forty-six (46) properties will be conveyed at nominal under the Gift Property Program.

Address Grantee(s) Grantee

2047 East Auburn Street Deborah Colon Matos 1529 Beechwood Street PHA 2423 Bolton Street PHA 3058 North Darien Street Rosaida Mateo Cruz 872 Field Street David Champagne 2302 & 2327 Harlan Street PHA 2339 & 2340 Harlan Street PHA 2409 & 2412 Harlan Street PHA 2419 & 2432 Harlan Street PHA 2519 West Harlan Street PHA 2521 & 2528 Harlan Street PHA 2206, 2208 & 2215 Ingersoll Street PHA 2220, 2227 & 2228 Ingersoll Street PHA 2253, 2407 & 2414 Ingersoll Street PHA 2425, 2443 & 2449 Ingersoll Street PHA 2452 & 2455 Ingersoll Street PHA 2013, 2015 & 2016 Jefferson Street PHA

59 Item IV 2017, 2018 & 2202 Jefferson Street PHA 2230 Jefferson Street PHA 2007 Nicholas Street PHA 2044 West Nicholas Street PHA 1224 North Taylor Street PHA 2015 & 2017 West Turner Street PHA 2022 Turner Street PHA 1318 North 18th Street PHDC 1318 & 1428 North 23rd Street PHA

2) Self-amortizing Mortgage Disposition: The following four (4) properties will be conveyed at fair market value as determined by LAMA, with a self- amortizing mortgage for the purchase price.

Address Grantee(s) Grantee Price

2327 South Franklin Street Suzanne C. Wilson $ 9,119.00 (LAMA) 620 Hoffman Street Julia Kate Ferencz $10,504.00 (LAMA) 1901 East Huntingdon Street Rachel Dawn Kerns & $15,000.00 (LAMA) Gary E. Kerns, her father 2819 North Hutchinson Street Blanca I. Roman $15,000.00 (Mortgage + $ 1,664.00 Equity)

Fair Market Disposition: The following fifteen (15) properties will be conveyed at fair market value as established by appraisals obtained by the Office of Housing and Community Development of the City of Philadelphia or by the LAMA pricing model:

Address Grantee(s) Grantee Appraisal/LAMA Value

5215 Beaumont Street Ardra Henderson $3,703.00 (LAMA) 1907 S Bonsall Street Birdnest Group LLC $3,576.00 (LAMA) 2815 Boudinot Street Iglesia De Dios Pentecostal $5,000.00 ( Bid Counter) 2817 Boudinot Street Iglesia De Dios Pentecostal $5,000.00 (Bid Counter) 2427 Frankford Avenue Franklin Wealth Inc. $50,000.00 ( Competitive Bid) 3604 Haverford Avenue Westview Development Partners, LLC $18,341.00 (LAMA) 3606 Haverford Avenue Westview Development Partners, LLC $18,471.00 (LAMA) 3608 Haverford Avenue Westview Development Partners, LLC$18,842.00 (LAMA) 3708 Haverford Avenue Westview Development Partners, LLC$13,522.00 (LAMA) 4950 Hazel Avenue Sean Williams $27,804.00 (LAMA) 1249 North Hope Street Brandon Bolstad $13,371.00 (LAMA) 1513 West Indiana Avenue Dwayne Sanders $2,584.00 (LAMA) 6045 Market Street Mr. Mao Khai Van $6,322.00 (LAMA) 818 North Preston Street Charna Daniels $9,031.00 (LAMA) 1716 N. Stillman Street Frederick Lamar Page & $4,478.00 (LAMA) Ron D Young

60 Item IV RESOLUTION NO.

VACANT PROPERTY REVIEW COMMITTEE PROGRAM - RESOLUTION AUTHORIZING ACCEPTANCE OF TITLE FROM THE CITY OF PHILADELPHIA TO VARIOUS PROPERTIES AND DISPOSITION OF SUCH PROPERTIES

WHEREAS, certain properties have been acquired by the City and determined to be surplus to the needs of the City;

Address Grantee(s)

2047 East Auburn Street Deborah Colon Matos 1529 North Beechwood Street PHA 2423 Bolton Street PHA 3058 North Darien Street Rosaida Mateo Cruz 872 Field Street David Champagne 2302 & 2327 Harlan Street PHA 2339 & 2340 Harlan Street PHA 2409 & 2412 Harlan Street PHA 2419 & 2432 Harlan Street PHA 2519 West Harlan Street PHA 2521 & 2528 Harlan Street PHA 2206 & 2208 Ingersoll Street PHA 2215 & 2220 Ingersoll Street PHA 2227 & 2228 Ingersoll Street PHA 2253 & 2407 Ingersoll Street PHA 2414 & 2425 Ingersoll Street PHA 2443 & 2449 Ingersoll Street PHA 2452 & 2455 Ingersoll Street PHA 2013 & 2015 Jefferson Street PHA 2016 & 2017 Jefferson Street PHA 2018 & 2202 Jefferson Street PHA 2230 Jefferson Street PHA 2007 Nicholas Street PHA 2044 West Nicholas Street PHA 1224 North Taylor Street PHA 2015 & 2017 West Turner Street PHA 2022 Turner Street PHA

61 Item IV

1318 North 18th Street PHDC 1318 & 1428 North 23rd Street PHA

Address Grantee(s) Price

2327 South Franklin Street Suzanne C. Wilson $ 9,119.00 (LAMA) 620 Hoffman Street Julia Kate Ferencz $10,504.00 (LAMA) 1901 East Huntingdon Street Rachel Dawn Kerns & Gary E. Kerns, her father $15,000.00 (LAMA) 2819 North Hutchinson Street Blanca I. Roman $15,000.00 (Mortgage + $1,664.00 Equity)

FURTHER RESOLVING that for each of the foregoing conveyances, the Philadelphia Redevelopment Authority will provide a self-amortizing loan in the amount of the purchase price for a term of 10 years at 0% interest that will be secured by a mortgage on the property. The amount of the obligation will decrease by 10% each year for the 10 year period that the buyer remains in compliance with the Authority’s Land Disposition Policy.

Address Grantee(s) Appraised/LAMA Value

5215 Beaumont Street Ardra Henderson $3,703.00 (LAMA) 1907 South Bonsall Street BIRDNEST GROUP LLC $3,576.00 (LAMA) 2815 Boudinot Street Iglesia De Dios Pentecostal MI $5,000.00 (Bid Counter) 2817 Boudinot Street Iglesia De Dios Pentecostal MI $5,000.00 (Bid Counter) 2427 Frankford Avenue Franklin Wealth, Inc. $50,000.00 (Competitive Bid) 3604 Haverford Avenue Westview Development Partners, LLC $18,341.00 (LAMA) 3606 Haverford Avenue Westview Development Partners, LLC $18,471.00 (LAMA) 3608 Haverford Avenue Westview Development Partners, LLC $18,842.00 (LAMA) 3708 Haverford Avenue Westview Development Partners, LLC $13,522.00 (LAMA) 4950 Hazel Avenue Sean Williams $27,804.00 (LAMA) 1249 North Hope Street Brandon Bolstad $13,371.00 (LAMA) 1513 West Indiana Avenue Dwayne Sanders $2,584.00 (LAMA) 6045 Market Street Mr. Mao Khai Van $6,322.00 (LAMA) 818 North Preston Street Charna Daniels $9,031.00 (LAMA) 1716 North Stillman Street Frederick Lamar Page & Ron D. Young $4,478.00 (LAMA)

62 Item IV

FURTHER AUTHORIZING the Executive Director with the advice of General Counsel to allow modifications and corrections to this Resolution necessary or desirable to carry out its purposes and intents.

BE IT FURTHER RESOLVED that authorization is hereby given to the preparation execution, acknowledgment and delivery of any other documentation deemed necessary or desirable in order to carry out the foregoing under terms and conditions acceptable to Authority counsel.

63 VACANT PROPERTY REVIEW COMMITTEE NOMINAL CONSIDERATION DISPOSITIONS FACT SHEET

ADDRESS/WARD GRANTEE REUSE

2047 E. Auburn St. / 25 Deborah Colon Matos Private Lot Transfer VPRC: 07/09/2013 2049 East Auburn Street Sideyard – OLD Gift City Council: 140707 Philadelphia, PA 19134 Adopted On: 09/25/2014

1529 N. Beechwood St. / 29 PHA Public Agency Transfer 2423 Bolton St. / 29 c/o Michael Johns “ “ “ VPRC: 04/08/2014 3100 Penrose Ferry Road City Council: 140582 Philadelphia, PA 19130 Adopted On: 06/19/2014

3058 N. Darien St. / 37 Rosaida Mateo Cruz Private Lot Transfer VPRC: 04/08/2014 3057 North 9th Street OLD GIFT- Rear yard City Council: 140702 Philadelphia, PA 19133 Adopted On: 09/25/2014

872 Field St. / 15 David Champagne Private Lot Transfer VPRC: 8/12/2014 808 North 20th Street Council Supported Swap City Council: 140700 Philadelphia, PA 19130 Adopted On: 09/25/2014

2302 & 2327 Harlan St. / 29 PHA Public Agency Transfer 2339 & 2340 Harlan St. / 29 c/o Michael Johns “ “ “ 2409 & 2412 Harlan St. / 29 3100 Penrose Ferry Road “ “ “ 2419 & 2432 Harlan St. / 29 Philadelphia, PA 19145 “ “ “

2206 & 2208 Ingersoll St. / 29 “ “ “ Item IV 2215 & 2220 Ingersoll St. / 29 “ “ “ VPRC: 04/08/2014

64 City Council: 140582 Adopted On: 06/19/2014 VACANT PROPERTY REVIEW COMMITTEE NOMINAL CONSIDERATION DISPOSITIONS FACT SHEET

ADDRESS/WARD GRANTEE REUSE

2227 & 2228 Ingersoll St. / 29 PHA Public Agency Transfer 2253 & 2407 Ingersoll St. / 29 c/o Michael Johns “ “ “ 2414 & 2425 Ingersoll St. / 29 3100 Penrose Ferry Road “ “ “ 2443 & 2449 Ingersoll St. / 29 Philadelphia, PA 19145 “ “ “ 2452 & 2455 Ingersoll St. / 29 “ “ “ 2013 & 2015 Jefferson St. / 47 “ “ “ 2016 & 2017 Jefferson St. / 47 “ “ “ 2018 & 2202 Jefferson St. / 47 “ “ “ 2230 Jefferson St. / 47 “ “ “ VPRC: 04/08/2014 City Council: 140582 Adopted On: 06/19/2014

2519 W. Harlan St. / 29 PHA Public Agency Transfer 2521 Harlan St. / 29 c/o Michael Johns “ “ “ 2528 Harlan St. / 29 3100 Penrose Ferry Road “ “ “ 2007 Nicholas St. / 29 Philadelphia, PA 19145 “ “ “ 2044 W. Nicholas St. / 29 “ “ “ 1224 N. Taylor St. / 29 “ “ “ 2015 W. Turner St. / 29 “ “ “ 2017 W. Turner St. / 29 “ “ “ 2022 Turner St. / 29 “ “ “ 1318 N. 23rd St. / 29 “ “ “ 1428 N. 23rd St. / 29 “ “ “ VPRC: 07/08/2014

City Council: 140727 Item IV Adopted On: 10/02/2014

VACANT PROPERTY REVIEW COMMITTEE NOMINAL CONSIDERATION DISPOSITIONS FACT SHEET

ADDRESS/WARD GRANTEE REUSE

1318 N. 18th St. / 47 PHDC Public Agency Transfer VPRC: 8/12/2014 c/o Michael Koonce City Council: 140726 1234 Market Street, 17th floor Adopted On: 10/02/2014 Philadelphia, PA 19107

Item IV 66

FAIR MARKET VALUE AS DETERMINED BY LAMA With SELF-AMORTIZING MORTGAGE DISPOSITIONS FACT SHEET

ADDRESS/WARD GRANTEE REUSE

2327 S. Franklin St. / 39 Suzanne C Wilson Private Lot Transfer VPRC: 07/08/2014 2325 South Franklin Street Sideyard – Mortgage City Council: 140707 Philadelphia, PA 19148 LAMA value $9,119.00 Adopted On: 09/25/2014

620 Hoffman St. / 39 Julia Kate Ferencz Private Lot Transfer VPRC: 06/10/2014 618 Hoffman Street Sideyard – Mortgage City Council: 140707 Philadelphia, PA 19148 LAMA value $10,504.00

1901 E. Huntingdon St. / 31 Rachel Dawn Kerns & Private Lot Transfer VPRC: 06/10/2014 Gary E Kerns, her father Sideyard – Mortgage City Council: 140707 1900 East Harold Street LAMA value $15,000.00 Adopted On: 09/25/2014 Philadelphia, PA 19125

2819 N. Hutchinson St. / 37 Blanca I. Roman Private Lot Transfer VPRC: 05/13/2014 2817 North Hutchinson Street Side yard – Mortgage City Council: 140700 Philadelphia, PA 19133 LAMA value $16,664.00 Adopted On: 09/25/2014 ($15,000.00 + $1,664.00 equity)

Item IV 67

VACANT PROPERTY REVIEW COMMITTEE FAIR MARKET VALUE DISPOSITIONS FACT SHEET

ADDRESS/WARD GRANTEE Appraised/LAMA Value REUSE

5215 Beaumont St. / 51 Ardra Henderson $3,703.00 (LAMA) Private Rehabilitation VPRC: 08/12/2014 1724 South Newkirk Street City Council: 140756 Philadelphia, PA 19145 Adopted On: 10/09/2014

1907 S. Bonsall St. / 48 BIRDNEST GROUP LLC $3,576.00 (LAMA) Private Rehabilitation VPRC: 5/13/2014 c/o John Alcorn Cunningham City Council: 140617 1324 Locust Street #1404 Adopted On: 09/11/2014 Philadelphia, PA 19107

2815 Boudinot St. / 07 Iglesia de Dios Pentecostal $5,000.00 (Counter Bid Private Lot Transfer 2817 Boudinot St. / 07 M.I. ROCA DE VIDA $5,000.00 Offer) “ “ “ VPRC: 09/10/2013 c/o Ramon L. Cruz City Council: 140702 2802 North Boudinot Street Adopted On: 09/25/2014 Philadelphia, PA 19134

2427 Frankford Ave. / 31 Franklin Wealth Inc. $50,000.00 (Competitive Private Lot Transfer VPRC: 08/12/2014 c/o Michael Tomsetti Sale Bid) City Council: 140707 51 North 3rd Street Adopted On: 09/25/2014 Philadelphia, PA 19125

3604 Haverford Ave. / 24 Westview Development Partners, LLC $18,341.00 (LAMA) Private Lot Transfer 3606 Haverford Ave. / 24 c/o Ricardo Young $18,471.00 (LAMA) “ “ “ 3608 Haverford Ave. / 24 630 North 35th Street $18,842.00 (LAMA) “ “ “ VPRC: 07/08/2014 Philadelphia, PA 19104-1941 Item IV City Council: 140756

68 Adopted On: 10/09/2014

VACANT PROPERTY REVIEW COMMITTEE FAIR MARKET VALUE DISPOSITIONS FACT SHEET

ADDRESS/WARD GRANTEE Appraised/LAMA Value REUSE

3708 Haverford Ave. / 24 Westview Development Partners, LLC $13,522.00 (LAMA) Private Rehabilitation VPRC: 08/12/2014 c/o Ricardo Young City Council: 140756 630 North 35th Street Adopted On: 10/09/2014 Philadelphia, PA 19104-1941

4950 Hazel Ave. / 46 Sean Williams $27,804.00 (LAMA) Private Lot Transfer VPRC: 09/09/2014 4948 Hazel Avenue City Council: 140756 Philadelphia, PA 19143 Adopted On: 10/09/2014

1249 N. Hope St. / 18 Brandon Bolstad $13,371.00 (LAMA) Private Lot Transfer VPRC: 08/12/2014 110 Thompson Street, Unit B Rear yard City Council: 140700 Philadelphia, PA 19122 Adopted On: 09/25/2014

1513 W. Indiana Ave. / 11 Dwayne Sanders $2,584.00 (LAMA) Private Rehabilitation VPRC: 07/01/1997 1513 West Indiana Avenue City Council: 140627 Philadelphia, PA 19132 Adopted On: 09/11/2014

6045 Market St. / 34 Mr. Mao Khai Van $6,322.00 (LAMA) Private Lot Transfer VPRC: 08/12/2014 6049 Market Street City Council: 140768 Philadelphia, PA 19139 Adopted On: 10/09/2014

818 N. Preston St. / 06 Charna Daniels $9,031.00 (LAMA) Private Lot Transfer Item IV VPRC: 09/09/2014 4023 Reno Street City Council: 140756 Philadelphia, PA 19104 69 Adopted On: 10/09/2014

VACANT PROPERTY REVIEW COMMITTEE FAIR MARKET VALUE DISPOSITIONS FACT SHEET

ADDRESS/WARD GRANTEE Appraised/LAMA Value REUSE

1716 N. Stillman St. / 32 Frederick Lamar Page & $4,478.00 (LAMA) Private Lot Transfer VPRC: 06/10/2014 Ron D. Young City Council: 140615 1751 North Stillman Street Adopted On: 09/11/2014 Philadelphia, PA 19121 Item IV 70 Item V

BOARD FACTSHEET Meeting of November 12, 2014 Sale of Renovated Single Family Property 3802 Spring Garden Street

NAME OF DEVELOPER/APPLICANT: Songtao Shi and Jingwen Zheng

Nature of Transaction: The Board is requested to authorize the sale of the Authority-owned renovated property located at 3802 Spring Garden Street (“Property”) in the Mantua neighborhood.

Mailing Address: 2822 Jason Court, Thousand Oaks, CA 91362

PROPERTY INFORMATION: 3802 Spring Garden Street

Description: 1,817 sq. ft.; 4 bd/2 full bath Use: Residential Single Family

Sale Price: $340,000

The Property is a renovated single-family home in move-in condition. On October 27, 2014, the Property was listed for sale on the Multiple Listing Service for $349,900.

The Authority has received an agreement of sale from Songtao Shi and Jingwen Zheng for $340,000 with no seller’s assist; Songtao Shi and Jingwen Zhengare are pre- qualified for a mortgage from National Penn Mortgage Group.

COMMENTS OR OTHER CONDITIONS:

The Authority staff recommends approval of this offer.

Buyer is compliant with the City of Philadelphia Revenue Department and has no outstanding tax obligations, conflicts of interest, or unresolved violations of City and L&I codes.

Proposed Resolution and supporting project information are attached (site map and photographs).

Prepared by: Robert LaBrum Reviewed by: Tania Nikolic

711 Item V

RESOLUTION NO.

RESOLUTION AUTHORIZING THE SALE OF 3802 SPRING GARDEN STREET, LOCATED IN THE WEST PHILADELPHIA REDEVELOPMENT AREA, MANTUA URBAN RENEWAL AREA

BE IT RESOLVED, by the Philadelphia Redevelopment Authority, that Authorization is given for the sale of property owned by the Authority located at 3802 Spring Garden Street, Philadelphia, PA to Songtao Shi and Jingwen Zheng for the purchase price of Three Hundred Forty Thousand ($340,000) Dollars; the purchase being consistent with the fair market value of the property.

FURTHER RESOLVING, the execution, delivery and recording of all documentation necessary or desirable in order to complete sale and settlement for the property.

722 Item V

Before

After

733 Item V 3802 Spring Garden Street

SPRING GARDEN

38TH

HAMILTON

3802 Spring Garden St. ®

744