City of Philadelphia - File #: 170168

• File #: 170168
• Version: 0
• Type: Bill
• Status: ENACTED
• File created: 2/23/2017
• In control: Committee on Public Property and Public Works
• Final action: 5/4/2017
• Title: Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into a sublease agreement with the Philadelphia Authority for Industrial Development for the use by the City of the premises located at 1101 Market Street, Philadelphia, PA, under certain terms and conditions.
• Sponsors: Councilmember Squilla, Councilmember Bass
• Indexes: AGREEMENTS

Date	Ver.	Action By	Action	Result	Tally
5/5/2017	0	MAYOR	SIGNED
5/4/2017	0	CITY COUNCIL	READ AND PASSED	Pass	17:0
4/27/2017	0	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
4/27/2017	0	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
4/24/2017	0	Committee on Public Property and Public Works	HEARING NOTICES SENT
4/24/2017	0	Committee on Public Property and Public Works	HEARING HELD
4/24/2017	0	Committee on Public Property and Public Works	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
2/23/2017	0	CITY COUNCIL	Introduced and Referred	Pass

Title
Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into a sublease agreement with the Philadelphia Authority for Industrial Development for the use by the City of the premises located at 1101 Market Street, Philadelphia, PA, 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 an amendment of the sublease agreement with the Philadelphia Authority for Industrial Development, as sublandlord, for use by the City of the premises located at 1101 Market Street, Philadelphia, PA, pursuant to terms substantially set forth in the document hereto attached as Exhibit "A".

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


EXHIBIT A

Terms of Proposed Lease and Sublease Amendment
For 1101 Market St, Philadelphia, PA

TENANT/SUBLANDLORD:

SUBTENANT

LANDLORD:
Philadelphia Authority for Industrial Development

The City of Philadelphia

Girard Estate Leasehold

DEMISED PREMISES:
The entire 6th floor of the building-22,958 RSF

TERM:
Landlord and Tenant agree to a Lease extension for the additional space of fourteen (14) years, and 6 Months. Commencing 3/1/2017 and terminating as of 8/31/2031; running concurrently with the existing lease term.

BASE RENT:
The Initial Base Rent for the 6th floor shall be $12.50 NNN per rentable square foot. The Initial Base Rent shall be subject to annual increases of $0.45 per rentable square foot on each subsequent September 1st.

OPERATING ...