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This Bill was SIGNED.
Source: LegislationDetail.aspx · gridLegislation
Full Bill
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. The Commissioner of Public Property is hereby authorized to amend an existing lease with AC HSS Office Ventures II, LLC, as successor landlord, with City as tenant, for use by the City, of all or a portion of the premises located at 1930 South Broad Street, Philadelphia, Pennsylvania. The amendment will add additional space to the leased premises pursuant to terms substantially set forth in
“Exhibit A”.
SECTION 2. The City Solicitor is hereby authorized to draft, negotiate, review and to approve, prior to execution, all documents necessary and helpful to effectuate this Ordinance and to include in those documents all provisions the City Solicitor deems necessary and proper to protect the interests of the City.
EXHIBIT “A”
Terms of Proposed Lease Amendment
for 1930 South Broad Street, Philadelphia, PA
1.
Successor Landlord: AC HSS Office Ventures II, LLC
2.
Tenant: City of Philadelphia
3.
Premises Address: 1930 South Broad Street, Philadelphia, PA
4.
Use of the Premises: Adding 5,959 rentable square feet (“Additional Space”) to an existing lease for use by the City and its operating departments as office, laboratory, and pharmacy space.
5.
Term: The Term for the Additional Space will run concurrent with the existing agreement term of twenty nine and one half (29 ½ ) years
6.
Rent: Base rent for the Additional Space shall be the same as the base rent for the existing space for the remainder of the term. Rent for both the Additional Space and existing space shall start at approximately $26.62 per rentable square foot for Lease Years 1 and 2. After, rent shall escalate at a rate of approximately 5% after Lease Year 2 and Lease Year 5 and 10% after Lease Years 10, 15, 20, and 26.
7.
Operating Expenses: The City shall be responsible for its proportionate share of operating expenses. With the Additional Space and the existing space, the total proportionate share of operating expenses is approximately 10.196%.
8.
Tenant Improvements: Landlord shall fit out the Additional Space based on a mutually accepted plan.
End