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File #: 180106    Version: 0 Name:
Type: Bill Status: ENACTED
File created: 2/15/2018 In control: Committee on Public Property and Public Works
On agenda: Final action: 5/10/2018
Title: Authorizing the Commissioner of Public Property, on behalf of the City, to enter into a lease agreement with Spring Del Associates, LP, for use by the City of all or a portion of the premises located at 520 North Delaware Avenue, Philadelphia, Pennsylvania, under certain terms and conditions.
Sponsors: Councilmember Squilla
Indexes: AGREEMENTS
Attachments: 1. CertifiedCopy18010600.pdf
Date Ver.Action ByActionResultTallyAction DetailsVideo
5/22/20180 MAYOR SIGNED   Action details Not available
5/10/20180 CITY COUNCIL READ AND PASSEDPass17:0 Action details Not available
5/3/20180 CITY COUNCIL SUSPEND THE RULES OF THE COUNCILPass  Action details Not available
5/3/20180 CITY COUNCIL ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR   Action details Not available
5/3/20180 CITY COUNCIL READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR   Action details Not available
4/30/20180 Committee on Public Property and Public Works HEARING NOTICES SENT   Action details Not available
4/30/20180 Committee on Public Property and Public Works HEARING HELD   Action details Not available
4/30/20180 Committee on Public Property and Public Works REPORTED FAVORABLY, RULE SUSPENSION REQUESTED   Action details Not available
2/15/20180 CITY COUNCIL Introduced and ReferredPass  Action details Not available
Title
Authorizing the Commissioner of Public Property, on behalf of the City, to enter into a lease agreement with Spring Del Associates, LP, for use by the City of all or a portion of the premises located at 520 North Delaware Avenue, Philadelphia, Pennsylvania, 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 Spring Del Associates, LP, with City as tenant, for use by the City, of all or a portion of the premises located at 520 North Delaware 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 520 North Delaware Avenue, Philadelphia, PA



1. Landlord: Spring Del Associates, LP

2. Tenant: The City of Philadelphia

3. Premises Address: 520 North Delaware Avenue, Philadelphia, PA

4. Use of the Premises: Approximately 39,116 square feet, to be used for office space.
5. Term of Lease: 5 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. Renewal Terms: Tenant shall have one (1) five (5) year renewal option.

7. Rent: The annual base rent will be approximately $13.95 per square foot for the first two (2) years with approximately...

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