The Philadelphia Planning Commission will take up
authorizing a lease and potentially the eventual purchase of 21.8 acres
adjacent to Philadelphia International Airport and owned by Tinicum.
The parcel is now being used as a safety area at the end
of a runway and will become part of the airport’s eventual $6.8 billion
expansion plans. The legislation the planning commission will review is more of
a formality since an agreement was reached last year between Tinicum and
airport to expand on undeveloped land lying in the township.
The legislation authorizes the commissioner of public
property and city’s director of commerce to enter into an agreement with
Tinicum for the lease and purchase of the land. Under the proposed agreement,
the city would enter into a 50-year lease and have an option to buy the parcel.
Base rent would be $8,513 a month.
The planning commission will take up the matter at its
meeting Dec. 8.
Source: Philadelphia
Business Journal
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