PHILADELPHIA-Legislation was expected to be introduced today by members of the Philadelphia City Council that if approved would involve the immediate transfer of $50 million to the struggling city's school district in exchange for the district's unused properties.
The City Council held a press conference on Wednesday to detail its plan, which came less than two weeks after Mayor Michael Nutter announced his plan to sell or adaptively reuse shuttered school buildings, according to PlanPhilly.com.
Council President Darrell Clarke said the legislation would transfer $50 million from the city to the Philadelphia Authority for Industrial Development (PAID), which would then purchase the buildings from the district. The plan calls for PAID to sell the properties and give back the first $50 million it nets to the city. According to documentation handed out at the press conference, there is currently active interest in eight school properties that have a combined assed value of $106 million. See story at PlanPhilly.com.
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