Title
Authorizing the Commissioner of Public Property, on behalf of the City, to enter into a lease agreement with Peter Roberts Enterprises, for use by the City of all or a portion of the premises located at 2504-12 Snyder Avenue, 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, is hereby authorized to enter into a lease agreement with Peter Roberts Enterprises, with City as tenant, for use by the City, of all or a portion of the premises located at 2504-12 Snyder Avenue, Philadelphia, Pennsylvania, 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 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 2504-12 Snyder Avenue, Philadelphia, PA
1. Landlord: Peter Roberts Enterprises
2. Tenant: The City of Philadelphia
3. Premises Address: 2504-12 Snyder Avenue, Philadelphia, PA
4. Use of the Premises: Approximately 27,325 square feet, to be used as a storage facility.
5. Term of Lease: 10 years; provided, however, the City shall have a right to terminate the Lease at the City's sole option, at any time after expiration of four years without liability to the Landlord for damage or loss of profits which would have been realized had the Lease not been terminated.
6. Rent: The annual base rent will be approximately $6.71 per square foot for the first year with approximately 1.5% escalations per year on the first year base rent. The first year's annual base rent will be approximately $183,350.75.
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