WHEREAS, on June 1, 1998 the Philadelphia Municipal Authority entered into a ten year lease wherein it leased all or portions of the 3rd, 4th, 5th, and 6th floors in the building located at 100 South Broad Street from LTB Limited Partnership;
WHEREAS, pursuant to Bill No. 980225, the City entered into a ten year sublease wherein it subleased this same space from the Philadelphia Municipal Authority; and
WHEREAS, Council wishes to authorize an amendment to the sublease with the Philadelphia Municipal Authority to, among other things, extend the term of the sublease for an additional ten year period; now, therefore
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. The Commissioner of Public Property, on behalf of the City, is hereby authorized to enter into an amendment to modify certain terms of a Sublease dated June 1, 1998 between the Philadelphia Municipal Authority and the City of Philadelphia for the City’s use of certain office space located at 100 South Broad Street, Philadelphia, Pennsylvania, under terms and conditions set forth in Exhibit “A” hereto, which shall, among other things, extend the term of the Sublease for an additional ten year period.
SECTION 2. The City Solicitor is hereby authorized to review and to approve all instruments and documents necessary to effectuate this Ordinance, which instruments 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 carry out the purpose of this Ordinance.
EXHIBIT “A”
Sublease Terms
Area:
60,131 rentable square feet located on 3rd , 4th , 5th and 6th floors. Tenant may reduce the amount of space under certain terms and conditions.
Renewal Term:
Ten (10) years.
Commencement Date and
Expiration Date:
September 1, 2008 and to expire August 31, 2018.
Rental Rate:
$16.50 per rentable square foot, full service, to escalate two percent (2%) annually.
Tenant Improvements:
Landlord shall furnish and install new paint and carpeting throughout the premises. Modifications to the existing configuration will be subject to a mutually acceptable plan between Landlord and Tenant.
Common Area
Bathroom Facilities:
The common area bathrooms will be retrofitted and upgraded.
Operating Expenses and
Real Estate Taxes:
Tenant shall pay any increase in operating Expenses and Real Estate Taxes over a 2007 Base Year.
End