City of Philadelphia - File #: 080402

• File #: 080402
• Version: 0
• Type: Bill
• Status: ENACTED
• File created: 4/17/2008
• In control: Committee on Public Property and Public Works
• Final action: 6/12/2008
• Title: Authorizing the Commissioner of Public Property, on behalf of the City, to enter into an amendment to an existing sublease between the Philadelphia Municipal Authority and the City for the City's use of certain office space located at 100 South Broad Street, under certain terms and conditions.
• Sponsors: Council President Verna, Councilmember Tasco
• Indexes: PHILADELPHIA MUNICIPAL AUTHORITY

Date	Ver.	Action By	Action	Result	Tally
6/18/2008	0	MAYOR	SIGNED
6/12/2008	0	CITY COUNCIL	READ
6/12/2008	0	CITY COUNCIL	PASSED	Pass	17:0
6/5/2008	0	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
6/5/2008	0	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
6/5/2008	0	CITY COUNCIL	ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR
5/22/2008	0	Committee on Public Property and Public Works	HEARING NOTICES SENT
5/22/2008	0	Committee on Public Property and Public Works	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
5/22/2008	0	Committee on Public Property and Public Works	HEARING HELD
4/17/2008	0	CITY COUNCIL	Referred
4/17/2008	0	CITY COUNCIL	Introduced	Pass

Title

Authorizing the Commissioner of Public Property, on behalf of the City, to enter into an amendment to an existing sublease between the Philadelphia Municipal Authority and the City  for the City’s use of certain office space located at 100 South Broad Street, under certain terms and conditions.

Body

                     WHEREAS, on June 1, 1998 the Philadelphia Municipal Authority entered into a ten year lease wherein it leased all or portions of the 3rd, 4th, 5th, and 6th floors in the building located at 100 South Broad Street from LTB Limited Partnership;

                     WHEREAS, pursuant to Bill No. 980225, the City entered into a ten year sublease wherein it subleased this same space from the Philadelphia Municipal Authority; and

                     WHEREAS, Council wishes to authorize an amendment to the sublease with the Philadelphia Municipal Authority to, among other things, extend the term of the sublease for an additional ten year period; now, therefore

THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

                     SECTION 1.  The Commissioner of Public Property, on behalf of the City, is hereby authorized to enter into an amendment to modify certain terms of a Sublease dated June 1, 1998 between the Philadelphia Municipal Authority and the City of Philadelphia for the City’s use of certain office space located at 100 South Broad Street, Philadelphia, Pennsylvania, under terms and conditions set forth in Exhibit “A” hereto, which shall, among other things, extend the term of the Sublease for an additional ten year period.

                     SECTION 2.  The City Solicitor is hereby authorized to review and to approve all instruments and documents necessary to effectuate this Ordinance, which instruments and documents shall contain such terms and conditions as the City Solicitor shall deem necessary and proper to protect the interests of the City of Philadelphia and carry out the purpose of this Ordinance.

EXHIBIT “A”

Sublease Terms

Area:                     60,131 rentable square feet located on 3^rd, 4^th, 5^th and 6^th floors.  Tenant may reduce the amount of space under certain terms and conditions.

Renewal Term:                                          Ten (10) years.

Commencement Date and

Expiration Date:                                          September 1, 2008 and to expire August 31, 2018.

Rental Rate:                     $16.50 per rentable square foot, full service, to escalate two percent (2%) annually.

Tenant Improvements:                     Landlord shall furnish and install new paint and carpeting throughout the premises.  Modifications to the existing configuration will be subject to a mutually acceptable plan between Landlord and Tenant.

Common Area

Bathroom Facilities:                     The common area bathrooms will be retrofitted and upgraded.

Operating Expenses and

Real Estate Taxes:                     Tenant shall pay any increase in operating Expenses and Real Estate Taxes over a 2007 Base Year.

End