City of Philadelphia - File #: 180462

• File #: 180462
• Version: 1
• Type: Bill
• Status: ENACTED
• File created: 5/10/2018
• In control: Committee on Public Property and Public Works
• 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

Date	Ver.	Action By	Action	Result	Tally
7/18/2018	1	MAYOR	SIGNED
6/21/2018	1	CITY COUNCIL	READ AND PASSED	Pass	17:0
6/14/2018	1	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
6/14/2018	1	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
6/14/2018	1	CITY COUNCIL	READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR
6/7/2018	0	Committee on Public Property and Public Works	HEARING NOTICES SENT
6/7/2018	0	Committee on Public Property and Public Works	HEARING HELD
6/7/2018	0	Committee on Public Property and Public Works	AMENDED
6/7/2018	1	Committee on Public Property and Public Works	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
5/10/2018	0	CITY COUNCIL	Introduced and Referred	Pass

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
...