Bill 170507
Authorizing the Commissioner of Public Property, on behalf of the City, to enter into a sublease agreement with The Philadelphia Municipal Authority for use by the City of a portion of the premises located at 1425 Arch 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.
“170501, entitled "An ordinance to amend the Philadelphia Zoning Maps by changing the zoning designations of certain areas of land located within an area bounded by Cottman Avenue, Crispin Street, Frankford Avenue, Cheltenham Avenue, Bustleton Avenue and Roosevelt Boulevard"; and Bill No. 170503, entitled "An ordinance to amend the Philadelphia Zoning Maps by changing the zoning Stated Meeting June 22, 2017 certain ar…”
Chief Clerk · Stated Meeting, June 22, 2017 · Jun 22, 2017 · official transcript, this passage
“The Committee on Public Property and Public Works, to which was referred Bill No. 170287, entitled "An ordinance authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to convey to the Philadelphia Authority for Industrial Development, all or part of a parcel of land located in the area bounded by Linden Avenue, State Road, Amtrak's Northeast Corridor, and I-95 for further conveyance"…”
Chief Clerk · Stated Meeting, June 15, 2017 · Jun 15, 2017 · official transcript, this passage
Status timeline
- May 18, 2017Introduced and Referred · CITY COUNCIL
- Jun 14, 2017HEARING NOTICES SENT · Committee on Public Property and Public Works
- Jun 14, 2017HEARING HELD · Committee on Public Property and Public Works
- Jun 14, 2017REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Public Property and Public Works
- Jun 15, 2017ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
- Jun 15, 2017SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
- Jun 15, 2017READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR · CITY COUNCIL
- Jun 22, 2017READ AND PASSED · CITY COUNCIL
- Jul 11, 2017SIGNED · MAYOR
Official documents
Documents open on the City of Philadelphia’s legislative site.
Full text
Read the full text as published
..Title Authorizing the Commissioner of Public Property, on behalf of the City, to enter into a sublease agreement with The Philadelphia Municipal Authority for use by the City of a portion of the premises located at 1425 Arch Street, 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 1425 Arch 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 1425 Arch Street, Philadelphia, PA 1. Sublandlord: The Philadelphia Municipal Authority (The Philadelphia Municipal Authority will enter into a prime lease for the premises with WHY Partners, LP) 2. Subtenant: The City of Philadelphia 3. Premises Address: 1425 Arch Street, Philadelphia, PA 4. Use of the Premises: Approximately 39,141 rentable square feet. 5. Term of Lease: 15 years. 6. Renewal Terms: Subtenant shall have one (1) ten (10) year renewal option. 7. Rent: The annual base rent will be approximately $19.57 per rentable square foot and will escalate at a rate of approximately $.50 per rentable square foot per year. At approximately 39,141 rentable square feet, the first year's annual base rent will be approximately $765,989.37. During the Renewal Term, the base rent will increase approximately 2.5% annually. Tenant will receive a rent credit in the amount of approximately $210,201. 8. Operating Expenses: Subtenant will pay its pro rata share of Common Area Costs including real estate taxes. ..End