Bill 150233
Authorizing the Director of the Free Library of Philadelphia and the Commissioner of Public Property to execute a sublease or other agreement with the Philadelphia Authority for Industrial Development ("PAID"), subject to a master lease between PAID and Rodin Market Partners, L.P., under which the City would occupy space in the building located at 2000 Hamilton Street, all 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.
“To the President and members of the Council of the City of Philadelphia, the Committee on Public Property and Public Works, to which was referred Bill No. 150233, entitled "An ordinance authorizing the Director of the Free Library of Philadelphia and the Commissioner of Public Property to execute a sublease or other agreement with the Philadelphia Authority for Industrial Development, subject to a master lease betwee…”
Chief Clerk · Stated Meeting, May 14, 2015 · May 14, 2015 · official transcript, this passage
Status timeline
- Mar 26, 2015Introduced and Referred · CITY COUNCIL
- May 11, 2015HEARING NOTICES SENT · Committee on Public Property and Public Works
- May 11, 2015HEARING HELD · Committee on Public Property and Public Works
- May 11, 2015REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Public Property and Public Works
- May 14, 2015ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
- May 14, 2015SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
- May 14, 2015READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR · CITY COUNCIL
- May 21, 2015READ AND PASSED · CITY COUNCIL
- Jun 2, 2015SIGNED · MAYOR
Official documents
Documents open on the City of Philadelphia’s legislative site.
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..Title Authorizing the Director of the Free Library of Philadelphia and the Commissioner of Public Property to execute a sublease or other agreement with the Philadelphia Authority for Industrial Development ("PAID"), subject to a master lease between PAID and Rodin Market Partners, L.P., under which the City would occupy space in the building located at 2000 Hamilton Street, all under certain terms and conditions. ..Body THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. The Director of the Free Library of Philadelphia and the Commissioner of Public Property are authorized to execute a sublease or other agreement with the Philadelphia Authority for Industrial Development ("PAID"), subject to a master lease between PAID and Rodin Market Partners, L.P., under which the City would occupy space in the building located at 2000 Hamilton Street, with an initial term of ten years and, at the City's option, a renewal term of five years. SECTION 2. The proposed sublease or other agreement authorized by this Ordinance must be based substantially on the terms set forth in Exhibit A to this Ordinance. SECTION 3. The City Solicitor is authorized to review and to approve all documents necessary to complete the transaction authorized by this Ordinance, and to impose terms and conditions on them as the City Solicitor determines are necessary and proper to protect the interests of the City of Philadelphia and to carry out the purpose of this Ordinance. Exhibit A 1. The Free Library will occupy space in two suites in the building located at 2000 Hamilton Street: Suite 201 and Suite C100. 2. The agreement term will be 10 years. The City may extend the term for one additional five-year period. The rent for the additional period will be the fair market rent as determined at the time the City exercises its right to extend the term. 3. During the initial 10-year term, the fixed minimum rent for the space the City occupies will be as set forth below; except that the landlord shall abate all the rent for five months after the ordinance that authorizes the agreement becomes law: Suite 201 Months Annualized Rent Monthly Rent Rent p.r.s.f. 1-12 $230,769.00 $19,230.75 $16.50 13-24 $235,384.38 $19,615.37 $16.83 25-36 $240,092.07 $20,007.67 $17.17 37-48 $244,893.91 $20,407.83 $17.51 49-60 $249,791.79 $20,815.98 $17.86 61-72 $254,787.62 $21,232.30 $18.22 73-84 $259,883.38 $21,656.95 $18.58 85-96 $265,081.04 $22,090.09 $18.95 97-108 $270,382.66 $22,531.89 $19.33 109-120 $275,790.32 $22,982.53 $19.72 121-125 $281,306.12 $23,442.18 $20.11 Suite C100 Months Annualized Rent Monthly Rent Rent p.r.s.f. 1-12* $52,000.00 $4,333.33 $13.00 13-24* $53,040.00 $4,420.00 $13.26 25-36* $54,100.80 $4,508.40 $13.53 37-48 $75,076.22 $6,256.35 $13.80 49-60 $76,577.75 $6,381.48 $14.07 61-72 $78,109.30 $6,509.11 $14.35 73-84 $79,671.49 $6,639.29 $14.64 85-96 $81,264.92 $6,772.08 $14.93 97-108 $82,890.21 $6,907.52 $15.23 109-120 $84,548.02 $7,045.67 $15.54 121-125 $86,238.98 $7,186.58 $15.85 *reflects fixed minimum rent due for 4,000 rentable square feet even though the City will occupy 5,442 square feet. ..End