header-left
Share to Facebook Share to Twitter Bookmark and Share
File #: 230859    Version: 0 Name:
Type: Bill Status: ENACTED
File created: 11/16/2023 In control: Committee on Public Property and Public Works
On agenda: Final action: 12/14/2023
Title: Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into an amendment to a sublease with the Philadelphia Authority for Industrial Development, for use by the City, of all or a portion of the premises located at 1101 Market Street, Philadelphia, Pennsylvania, under certain terms and conditions.
Sponsors: Councilmember Squilla, Councilmember Bass
Indexes: PUBLIC PROPERTY
Attachments: 1. CertifiedCopy23085900
Date Ver.Action ByActionResultTallyAction DetailsVideo
12/20/20230 MAYOR SIGNED   Action details Not available
12/14/20230 CITY COUNCIL READ AND PASSEDPass15:0 Action details Not available
12/7/20230 CITY COUNCIL SUSPEND THE RULES OF THE COUNCIL   Action details Not available
12/7/20230 CITY COUNCIL ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR   Action details Not available
12/5/20230 Committee on Public Property and Public Works HEARING NOTICES SENT   Action details Not available
12/5/20230 Committee on Public Property and Public Works HEARING HELD   Action details Not available
12/5/20230 Committee on Public Property and Public Works REPORTED FAVORABLY, RULE SUSPENSION REQUESTED   Action details Not available
11/16/20230 CITY COUNCIL Introduced and Referred   Action details Not available
Title
Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into an amendment to a sublease with the Philadelphia Authority for Industrial Development, for use by the City, of all or a portion of the premises located at 1101 Market Street, Philadelphia, Pennsylvania, 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 an amendment to a sublease agreement with the Philadelphia Authority for Industrial Development, for use by the City, of all or 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 amendment and other documents necessary to effectuate this Ordinance, which sublease amendment 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 purpose of this Ordinance.


EXHIBIT "A"

Terms of Proposed Sublease Amendment
For 1101 Market Street, Philadelphia, PA


1. Landlord: Girard Estate Leasehold

2. Sublandord: The Philadelphia Authority for Industrial Development

3. Subtenant: The City of Philadelphia

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

5. Use of the Premises: Adding approximately 20,642 rentable square feet, to the existing space subleased under the current agreement, to be used for office space.
6. Term of Sublease: Two (2) additional years ("Extension Term") beyond the existing sublease term, extending the expiration date from August 31, 2032 to August 31, 2034.

7. Rent: The annual base rent will escalate by approximately forty-five cents ($.45) per rentable square foot each year of t...

Click here for full text