City of Philadelphia - File #: 210424

• File #: 210424
• Version: 0
• Type: Bill
• Status: ENACTED
• File created: 5/6/2021
• In control: Committee on Public Property and Public Works
• Final action: 6/17/2021
• Title: Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into a sublease agreement with The Philadelphia Authority for Industrial Development, for use by the City, of a portion of the premises located at 1101 Market Street, Philadelphia, Pennsylvania by the City, all under certain terms and conditions.
• Sponsors: Councilmember Squilla
• Indexes: PUBLIC PROPERTY

Date	Ver.	Action By	Action	Result	Tally
7/1/2021	0	MAYOR	SIGNED
6/17/2021	0	CITY COUNCIL	READ AND PASSED	Pass	17:0
6/10/2021	0	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL
6/10/2021	0	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
6/10/2021	0	CITY COUNCIL	READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR
5/28/2021	0	Committee on Public Property and Public Works	HEARING NOTICES SENT
5/28/2021	0	Committee on Public Property and Public Works	HEARING HELD
5/28/2021	0	Committee on Public Property and Public Works	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
5/6/2021	0	CITY COUNCIL	Introduced and Referred

Title
Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into a sublease agreement with The Philadelphia Authority for Industrial Development, for use by the City, of a portion of the premises located at 1101 Market 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 1101 Market 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 1101 Market Street, Philadelphia, PA


1. Sublandord: The Philadelphia Authority for Industrial Development

2. Landlord: Girard Estate Leasehold

3. Subtenant: The City of Philadelphia

4. Premises Address: 1101 Market Street, Philadelphia, PA

5. Use of the Premises: Approximately 212,430 rentable square feet, to be used for office space.

6. Term of Sublease: 1 (one) additional year, extending the expiration date to August 31, 2032.

7. Rent: The annual base rent will escalate at $.45 per rentable square foot for the additional year for a base rent amount of $19.25. At approximately 212,430 rentable square feet, the additional year's annual base rent will be approximately $4,089,277.50.

8. Operating Expenses:...