READ AND PASSED

The enacted ordinance authorizes the Commissioner of Public Property to amend the City’s sublease with the Philadelphia Municipal Authority for approximately 26,758 square feet on the fifth floor of 701 Market Street. The proposed amended sublease has a 10-year term beginning June 28, 2015, with rent starting at $21.37 per square foot and increasing by 2.5% each year.

Authorizing the Commissioner of Public Property, on behalf of the City, to enter into an amendment to a sublease agreement with the Philadelphia Municipal Authority, for the use by the City of the premises located at 701 Market Street, under certain terms and conditions.