READ AND PASSED

This enacted bill authorizes the Commissioner of Public Property to enter into a sublease for the City to use about 9,000 square feet of office space on the 5th, 6th, or 7th floor of the Callowhill Center at 421 N. 7th Street. The sublease is for 10 years, with annual base rent starting at $21 per square foot and increasing by 3% each year; the landlord will provide a tenant improvement allowance of $50 per square foot.

Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into a sublease with the Philadelphia Authority for Industrial Development for the use by the City of the premises located at the Callowhill Center, 421 N. 7th Street, under certain terms and conditions.