Bill 180106
Authorizing the Commissioner of Public Property, on behalf of the City, to enter into a lease agreement with Spring Del Associates, LP, for use by the City of all or a portion of the premises located at 520 North Delaware Avenue, Philadelphia, Pennsylvania, 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. 171084, entitled "An ordinance authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to Stated Meeting May 3, 2018 or a lesser real estate interest to all or a portion of a parcel or parcels of land located in and about the area bounded by North Broad Street, Noble Street, 13th Street, and the building…”
Chief Clerk · Stated Meeting, May 3, 2018 · May 3, 2018 · official transcript, this passage
Status timeline
- Feb 15, 2018Introduced and Referred · CITY COUNCIL
- Apr 30, 2018HEARING NOTICES SENT · Committee on Public Property and Public Works
- Apr 30, 2018HEARING HELD · Committee on Public Property and Public Works
- Apr 30, 2018REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Public Property and Public Works
- May 3, 2018SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
- May 3, 2018ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
- May 3, 2018READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR · CITY COUNCIL
- May 10, 2018READ AND PASSED · CITY COUNCIL
- May 22, 2018SIGNED · 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 a lease agreement with Spring Del Associates, LP, for use by the City of all or a portion of the premises located at 520 North Delaware Avenue, 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 a lease agreement with Spring Del Associates, LP, with City as tenant, for use by the City, of all or a portion of the premises located at 520 North Delaware Avenue, 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 lease and other documents necessary to effectuate this Ordinance, which lease 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 Lease For 520 North Delaware Avenue, Philadelphia, PA 1. Landlord: Spring Del Associates, LP 2. Tenant: The City of Philadelphia 3. Premises Address: 520 North Delaware Avenue, Philadelphia, PA 4. Use of the Premises: Approximately 39,116 square feet, to be used for office space. 5. Term of Lease: 5 years; provided, however, the City shall have a right to terminate the Lease at the City's sole option, at any time after expiration of four years without liability to the Landlord for damage or loss of profits which would have been realized had the Lease not been terminated. 6. Renewal Terms: Tenant shall have one (1) five (5) year renewal option. 7. Rent: The annual base rent will be approximately $13.95 per square foot for the first two (2) years with approximately 2% escalations at the commencement of year three (3) and an approximately 2% increase on a biennial basis during the renewal term. The first year's annual base rent will be approximately $545,668.20. 8. Operating Expenses: The City shall be responsible for its pro rata share of common area costs. ..End