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File #: 180462    Version: Name:
Type: Bill Status: ENACTED
File created: 5/10/2018 In control: Committee on Public Property and Public Works
On agenda: Final action: 6/21/2018
Title: Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into an amendment to sublease agreement with the Philadelphia Authority for Industrial Development for the use by the City of premises located at 1101 Market Street, all under certain terms and conditions.
Sponsors: Councilmember Squilla
Indexes: AGREEMENTS, PAID
Attachments: 1. CertifiedCopy18046201.pdf
Date Ver.Action ByActionResultTallyAction DetailsVideo
7/18/20181 MAYOR SIGNED   Action details Not available
6/21/20181 CITY COUNCIL READ AND PASSEDPass17:0 Action details Not available
6/14/20181 CITY COUNCIL ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR   Action details Not available
6/14/20181 CITY COUNCIL SUSPEND THE RULES OF THE COUNCILPass  Action details Not available
6/14/20181 CITY COUNCIL READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR   Action details Not available
6/7/20180 Committee on Public Property and Public Works HEARING NOTICES SENT   Action details Not available
6/7/20180 Committee on Public Property and Public Works HEARING HELD   Action details Not available
6/7/20180 Committee on Public Property and Public Works AMENDED   Action details Not available
6/7/20181 Committee on Public Property and Public Works REPORTED FAVORABLY, RULE SUSPENSION REQUESTED   Action details Not available
5/10/20180 CITY COUNCIL Introduced and ReferredPass  Action details Not available
Title
Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into an amendment to sublease agreement with the Philadelphia Authority for Industrial Development for the use by the City of premises located at 1101 Market Street, all 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, as subtenant, is hereby authorized to enter into an amendment to a sublease agreement with the Philadelphia Authority for Industrial Development, as sub-landlord, for use by the City of premises located at 1101 Market Street, Philadelphia, PA, pursuant to terms substantially set forth in the document attached hereto as Exhibit "A".

SECTION 2. The City Solicitor is authorized to review and approve all instruments and documents necessary to effectuate the acquisition authorized by this Ordinance. Those instruments and 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 Sublease Amendment
For 1101 Market Street, Philadelphia, PA

TENANT/SUB-LANDLORD: The Philadelphia Authority for Industrial Development

SUBTENANT: The City of Philadelphia

DEMISES PREMISES: 5,565 rentable square feet on the 13th Floor and 31,307 rentable square feet on a portion of the 11th Floor and the entire 12th Floor for a total increase of 36,672 rentable square feet.

TERM: Commencing on July 1, 2018 (the "Commencement Date") and terminating on February 28, 2025. If an existing option held by another tenant in the building to expand into the Demised Premises is not executed, then the term will expire on August 31, 2031.

BASE RENT:
Time Period Base Rent Rate/sq. ft. not
including operating expenses
07/01/2018-08/31/2018 $12.95
...

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