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File #: 200662    Version: Name:
Type: Bill Status: IN COUNCIL - SECOND READING
File created: 11/19/2020 In control: Committee on Public Property and Public Works
On agenda: Final action:
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 11311 Roosevelt Boulevard, Philadelphia, Pennsylvania, all under certain terms and conditions.
Sponsors: Councilmember O'Neill
Indexes: AGREEMENTS, PUBLIC PROPERTY
Attachments: 1. Bill No. 20066201, As Amended.pdf
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 11311 Roosevelt Boulevard, Philadelphia, Pennsylvania, 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 lease agreement with the Philadelphia Municipal Authority for use by the City, of a portion of the premises located at 11311 Roosevelt Boulevard, 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 11311 Roosevelt Boulevard, Philadelphia, PA


1. Sublandlord: The Philadelphia Municipal Authority (The Philadelphia MunicipalAuthority will enter into a prime lease for the premises with Covington Property Partners, LLC.)

2. Subtenant: The City of Philadelphia

3. Premises Address: 11311 Roosevelt Boulevard, Philadelphia, PA

4. Use of the Premises: Approximately two hundred twenty nine thousand four hundred fifty nine (229,459) rentable square feet, to be used for warehouse and office space for the City Commissioners.
5. Term of Lease: Initial Term of Sixteen (16) years with an option to renew for two (2)additional five (5) year terms.

6. Rent: The first year annual base rent will be approximately $1.91 per rentable square foot and represents a blended rent amount ...

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