Title
Authorizing the Commissioner of Public Property to enter into a sublease agreement, with the Philadelphia Authority for Industrial Development, for use by the City of a portion of the premises located at 111 North 49th 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 subtenant, is hereby authorized to enter into a sublease agreement with the Philadelphia Authority for Industrial Development ("PAID"), as tenant and sublandlord, for use by the City of a portion of the premises located at 111 North 49th Street, 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, sublease, and other documents necessary to effectuate this Ordinance, which lease, sublease, other 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 111 N. 49th Street, Philadelphia, PA
1. Landlord: Kirkbride Realty Corporation.
2. Tenant and Sublandlord: Philadelphia Authority for Industrial Development ("PAID").
3. Subtenant: City of Philadelphia
4. Premises Address: 111 N. 49th Street, Philadelphia, PA
5. Use of the Premises: Approximately 18,820 square feet, to be used a woman's shelter and related uses.
6. Term
a. Term of Lease: 10 years.
b. Term of Sublease: 10 years.
7. Rent Payable by City to PAID: The annual rent will be $16.75 per square foot and will escalate 2% per year. At 18,820 square feet, the first year's rent would be $315,235.
8. Maintenance and Utilities: The City will be responsible for the general maintenance and repair of th...
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