City of Philadelphia - File #: 140384

• File #: 140384
• Version: 0
• Type: Bill
• Status: ENACTED
• File created: 5/1/2014
• In control: Committee on Public Property and Public Works
• Final action: 6/12/2014
• Title: Authorizing the Commissioner of Public Property to enter into a lease agreement with the Southeastern Pennsylvania Transportation Authority as landlord and the City of Philadelphia as tenant for office space at 1234 Market Street, under certain terms and conditions.
• Sponsors: Councilmember Squilla
• Indexes: AGREEMENTS, SOUTHEASTERN PENNSYLVANIA MUTUAL AID AND INTERGOVERNMENTAL COOPERATION AGREEMENT

Date	Ver.	Action By	Action	Result	Tally
6/19/2014	0	MAYOR	SIGNED
6/12/2014	0	CITY COUNCIL	READ AND PASSED	Pass	16:0
6/5/2014	0	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
6/5/2014	0	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
6/5/2014	0	CITY COUNCIL	ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR
6/4/2014	0	Committee on Public Property and Public Works	HEARING NOTICES SENT
6/4/2014	0	Committee on Public Property and Public Works	HEARING HELD
6/4/2014	0	Committee on Public Property and Public Works	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
5/1/2014	0	CITY COUNCIL	Introduced and Referred	Pass

Title
Authorizing the Commissioner of Public Property to enter into a lease agreement with the Southeastern Pennsylvania Transportation Authority as landlord and the City of Philadelphia as tenant for office space at 1234 Market Street, under certain terms and conditions.

Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. The Commissioner of Public Property, on behalf of the City of Philadelphia, as tenant, is hereby authorized to enter into a lease agreement with the Southeastern Pennsylvania Transportation Authority ("SEPTA"), as landlord, for use as office space by the City of a portion of the premises located at 1234 Market Street, pursuant to terms substantially set forth in the document attached hereto as Exhibit "A."

SECTION 2. The City Solicitor is hereby authorized to review and to approve the lease and other documents necessary to effectuate this Ordinance, which lease and other 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 to carry out the purpose of this Ordinance.


EXHIBIT "A"

Terms of Proposed Lease
for 1234 Market Street, Philadelphia, PA



1. Landlord: Southeastern Pennsylvania Transportation Authority ("SEPTA").

2. Tenant: City of Philadelphia ("City").

3. Premises Address: 1234 Market Street, Philadelphia, PA.

4. Use of the Premises: Approximately 42,532 rentable square feet, to be used for office space.
5. Term: 10 years.

6. Base Rent Payable by City to SEPTA: The annual base rent will be $19.50 per rentable square foot and will escalate at a rate of $.50 per rentable square foot per year. At 42,532 rentable square feet, the first year's annual base rent will be $829,374.

7. Operating Expenses: Beginning in 2015, the Tenant shall be responsible for its proportionate share of operating expenses in excess of the 2014 base year operating expenses.

8. Tenan...