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 John F. Kennedy Behavioral Health Center with City as tenant, for use by the City, of all or a portion of the premises located at 112 North Broad 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 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 112 North Broad Street, Philadelphia, PA
1.
Landlord:
John F. Kennedy Behavioral Health Center
2.
Tenant:
The City of Philadelphia
3.
Premises Address:
112 North Broad, Philadelphia, PA
4.
Use of the Premises:
Approximately 3,899 square feet, to be used for office space.
5.
Term of Lease
: 5 years; provided, however, the City (in accordance with Section 8-200(3) of the Philadelphia Charter) shall have right to terminate 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) two-year renewal options.
7.
Rent:
The annual base rent will be approximately $20.00 per square foot for the first two years with approximately 4% escalations every 2 years. The first year’s annual base rent will be approximately $77,980.00.
8.
Operating Expenses:
The City shall be responsible for its share of common area and operating costs.
9.
Landlord Work:
Landlord shall complete improvements to the premises. It is understood that the costs of improvements is included in the rental price per square foot.
End