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 Washington Service Corp., with City as tenant, for use by the City, of all or a portion of the premises located at 8747 Frankford 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 8747 Frankford Avenue, Philadelphia, PA
1.
Landlord:
Washington Service Corp.
2.
Tenant:
The City of Philadelphia
3.
Premises Address:
8747 Frankford Avenue, Philadelphia, PA
4.
Use of the Premises:
Approximately 1,200 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 $14.31 per square foot for the first 5 years of the lease term. The first annual base rent for the first 5 years will be approximately $17,172. During the renewal option term, the annual base rent will increase approximately 2.5% bi-annually.
8.
Operating Expenses:
The City shall be responsible for its share of common area costs. In years 1-5 that amount is approximately $125/month.
End