The Philadelphia Parking Authority (PPA) requires taxicabs to have a valid certificate and medallion to operate in Philadelphia. A vehicle must have a valid certificate issued by the PPA and the medallion assigned to that certificate to operate as a taxicab in Philadelphia.
Therefore, if you want to operate a taxicab in Philadelphia but do not own a medallion, you must purchase one to assign it to the vehicle you want to operate as a taxicab. Purchasing a medallion is called medallion transfer, where the seller transfers his medallion right to the buyer. The PPA requires both the buyer and seller to be represented by an attorney. One attorney can represent both with the consent of both parties.
The medallion transfer is a two-step process. The first step is sign-in, and the second step is closing. During the sign-in, your attorney will prepare the SA-1 (medallion transfer application), agreement of sale, buyer and seller’s meeting minutes, and other related documents which need to be signed by both parties in front of a PPA officer at the PPA. As a buyer, you need to pay a flat fee of two thousand dollars ($2,000) to the PPA for each transaction. You can purchase multiple medallions in one transaction for a two-thousand-dollar ($2,000) flat fee if you purchase all the medallions from the same seller. The two-thousand-dollar ($2,000) does not include attorney fees.
After the sign-in, the PPA officer will review and submit the application to the PPA board for approval. The board can take up to a month and a half to approve the application. Once approved, your attorney will be notified by email and proceed with the second step, closing.
The closing for the medallion transfer requires the buyer to pay the seller the full purchase price by check at the PPA and sign the settlement sheet. A PPA officer will make a copy of the check and transfer the medallion to the buyer.
If you need help purchasing or selling a taxicab medallion, call Shintia Z. Riva at the Law Offices of Spadea & Associates, LLC at 610-521-0604.
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