Approving the First Amendment to Redevelopment Agreement of the Philadelphia Redevelopment Authority for the redevelopment and urban renewal of a portion of the New Kensington-Fishtown Urban Renewal Area, identified by house number and street address as 2451-2453 Frankford avenue; and authorizing the Redevelopment Authority to execute the First Amendment to Redevelopment Agreement with BMK Properties, LLC and to take such action as may be necessary to effectuate the First Amendment to Redevelopment Agreement.

Approving the First Amendment to Redevelopment Agreement of the Philadelphia Redevelopment Authority for the redevelopment and urban renewal of a portion of the New Kensington-Fishtown Urban Renewal Area, identified by house number and street address as 2451-2453 Frankford avenue; and authorizing the Redevelopment Authority to execute the First Amendment to Redevelopment Agreement with BMK Properties, LLC and to take such action as may be necessary to effectuate the First Amendment to Redevelopment Agreement. WHEREAS, The Philadelphia Redevelopment Authority (hereinafter "Redevelopment Authority") has prepared and submitted an urban renewal plan and a redevelopment proposal for the redevelopment of the New Kensington-Fishtown Urban Renewal Area (hereinafter "New Kensington-Fishtown"), which said plan and proposal were approved by Ordinance of the Council on June 13, 1997, as amended; and WHEREAS, The Redevelopment Authority has executed a redevelopment contract ("Redevelopment Agreement") with BMK Properties, LLC ("Redeveloper") dated October 1, 2019 for a portion of New Kensington-Fishtown, identified by house number and street address as 2451-2453 Frankford avenue (the "Property"), which said redevelopment contract was approved by Resolution No. 200456 adopted by the Council of the City of Philadelphia on September 17, 2020; and WHEREAS, The Redevelopment Authority has prepared a first amendment to the Redevelopment Agreement (the "First Amendment") to modify the project us…