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 Roxborough Development Corporation, with City as landlord, for use by the Corporation of all or a portion of the premises located at 463-65 Leverington 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 463-65 Leverington Avenue, Philadelphia, PA
1.
Landlord:
The City of Philadelphia
2.
Tenant:
Roxborough Development Corporation
3.
Premises Address:
463-65 Leverington Avenue, Philadelphia, PA
4.
Use of the Premises:
Approximately 44,020 square feet, to be used for a public parking lot.
5.
Term of Lease:
15 years; provided, however, the City (in accordance with Section 8-200(3) of the Philadelphia Charter) shall have right to terminate the City’s financial obligation for paying storm water charges under the Lease, at the City’s sole option, at any time after the 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 two (2) five (5) year renewal options.
7.
Rent:
Nominal rent
8.
Operating Expenses:
The City shall be responsible for paying all storm water costs for the Premises.
End