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File #: 180602    Version: 0 Name:
Type: Bill Status: ENACTED
File created: 6/7/2018 In control: Committee on Public Property and Public Works
On agenda: Final action: 12/6/2018
Title: Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into a sublease agreement with The Philadelphia Municipal Authority, for use by the City, of a portion of the premises located at 100 South Broad Street, Philadelphia, Pennsylvania by the City, all under certain terms and conditions.
Sponsors: Councilmember Johnson, Council President Clarke
Indexes: AGREEMENTS, PHILADELPHIA MUNICIPAL AUTHORITY
Attachments: 1. Bill No. 18060200.pdf, 2. CertifiedCopy18060200
Date Ver.Action ByActionResultTallyAction DetailsVideo
1/22/20190 MAYOR SIGNED   Action details Not available
12/6/20180 CITY COUNCIL READ AND PASSEDPass17:0 Action details Not available
11/29/20180 CITY COUNCIL ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR   Action details Not available
11/29/20180 CITY COUNCIL SUSPEND THE RULES OF THE COUNCILPass  Action details Not available
11/29/20180 CITY COUNCIL READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR   Action details Not available
11/28/20180 Committee on Public Property and Public Works HEARING NOTICES SENT   Action details Not available
11/28/20180 Committee on Public Property and Public Works HEARING HELD   Action details Not available
11/28/20180 Committee on Public Property and Public Works REPORTED FAVORABLY, RULE SUSPENSION REQUESTED   Action details Not available
11/13/20180 Committee on Public Property and Public Works HEARING NOTICES SENT   Action details Not available
11/13/20180 Committee on Public Property and Public Works RECESSED   Action details Not available
6/7/20180 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 a sublease agreement with The Philadelphia Municipal Authority, for use by the City, of a portion of the premises located at 100 South Broad Street, Philadelphia, Pennsylvania by the City, 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 of Philadelphia, is hereby authorized to enter into a sublease agreement with The Philadelphia Municipal Authority, with City as subtenant, for use by the City of a portion of the premises located at 100 South Broad Street, 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 sublease and other documents necessary to effectuate this Ordinance, which sublease 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 Sublease
For 100 South Broad, Philadelphia, PA


1. Sublandord: The Philadelphia Municipal Authority (The Philadelphia Municipal Authority will to enter into a prime lease for the premises with LTB Limited Partnership.)

2. Subtenant: The City of Philadelphia

3. Premises Address: 100 South Broad Street, Philadelphia, PA

4. Use of the Premises: Approximately 66,631 rentable square feet, to be used for office space.
5. Term of Sublease: 10 years, with the exception of 18,124 square feet on floor 3, which the City has the option of returning to Landlord/Sublandlord after 5 years.

7. Rent: The annual base rent will be approximately $22.50 per rentable square foot and will escalate at a rate of approximately 9% per rentable square...

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