City of Philadelphia - File #: 180106

• File #: 180106
• Version: 0
• Type: Bill
• Status: ENACTED
• File created: 2/15/2018
• In control: Committee on Public Property and Public Works
• 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

Date	Ver.	Action By	Action	Result	Tally
5/22/2018	0	MAYOR	SIGNED
5/10/2018	0	CITY COUNCIL	READ AND PASSED	Pass	17:0
5/3/2018	0	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
5/3/2018	0	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
5/3/2018	0	CITY COUNCIL	READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR
4/30/2018	0	Committee on Public Property and Public Works	HEARING NOTICES SENT
4/30/2018	0	Committee on Public Property and Public Works	HEARING HELD
4/30/2018	0	Committee on Public Property and Public Works	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
2/15/2018	0	CITY COUNCIL	Introduced and Referred	Pass

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 offic 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 2% escalations at the commencement of year three (3) and an approximately 2% increase on a biennial basis during the renewal term.  The first year’s annual base rent will be approximately $545,668.20. 

8.                     Operating Expenses:  The City shall be responsible for its pro rata share of common area costs. 

End