Bill 150169
Authorizing the Commissioner of Public Property, on behalf of the City, to enter into an amendment to a sublease agreement with the Philadelphia Municipal Authority, for the use by the City of the premises located at 701 Market Street, under certain terms and conditions.
Introduced by
From the floor
Passages in the official transcripts that cite this file number. Every quote links to its exact place in the record.
“The Committee on Public Property and Public Works, to which was referred Bill No. 150161, entitled "An ordinance amending Chapter 16-700 of The Philadelphia Code, entitled 'Philadelphia Land Bank,' to allow the City to transfer property to the Stated Meeting March 26, 2015 subsequent transfer to the Land Bank"; and Bill No. 150169, entitled "An ordinance authorizing the Commissioner of Public Property, on behalf of t…”
Chief Clerk · Stated Meeting, March 26, 2015 · Mar 26, 2015 · official transcript, this passage
Status timeline
- Mar 5, 2015Introduced and Referred · CITY COUNCIL
- Mar 23, 2015HEARING NOTICES SENT · Committee on Public Property and Public Works
- Mar 23, 2015HEARING HELD · Committee on Public Property and Public Works
- Mar 23, 2015REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Public Property and Public Works
- Mar 26, 2015ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
- Mar 26, 2015SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
- Mar 26, 2015READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR · CITY COUNCIL
- Apr 9, 2015READ AND PASSED · CITY COUNCIL
- Apr 21, 2015SIGNED · MAYOR
Official documents
Documents open on the City of Philadelphia’s legislative site.
Full text
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..Title Authorizing the Commissioner of Public Property, on behalf of the City, to enter into an amendment to a sublease agreement with the Philadelphia Municipal Authority, for the use by the City of the premises located at 701 Market Street, 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, as subtenant, is hereby authorized to enter into an amendment to a sublease agreement with the Philadelphia Municipal Authority, as sublandlord, for use by the City of premises located at 701 Market Street, Philadelphia, PA, 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 amendment to the lease, amendment to the sublease, and other documents necessary to effectuate this Ordinance, which amendment to the lease, amendment to the sublease, and other 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 Amendment to Sublease for 701 Market Street, Philadelphia, PA 1. Landlord: Mellon Bank, N.A. 2. Tenant/Sublandlord: the Philadelphia Municipal Authority. 3. Subtenant: The City of Philadelphia. 4. Premises: Approximately 26,758 rentable square feet on the 5th Floor of 701 Market Street, Philadelphia, PA. 5. Term: 10 years to commence on June 28, 2015 ("Commencement Date"). 6. Base Rent: Beginning on the Commencement Date, the Base Rent shall be $21.37 per rentable square foot and shall increase by 2.5% each subsequent year of the Term. The Base Rent is inclusive of Subtenant's share of operating expenses and utilities. 7. Real Estate Taxes and Operating Expenses: Upon the Commencement Date, the base year for real estate taxes and operating expenses will be reset to the 2015 calendar year. 8. Tenant Improvements: Landlord will turn-key the premises by painting, installing new carpet, a new card access system and approximately twenty (20) thermostats. 9. Broker: There is no broker representing The City of Philadelphia in connection with the amendment to Sublease. ..End