READ AND PASSED

The enacted ordinance authorizes the City’s Commissioner of Public Property to enter into a lease with Spring Del Associates, LP, for about 39,116 square feet at 520 North Delaware Avenue for City office use. The lease would run for five years, include a possible five-year renewal, and set annual base rent at approximately $545,668.20 in the first year, plus the City’s share of common-area costs.

Authorizing the Commissioner of Public Property, on behalf of the City, to enter into a lease agreement with Spring Del Associates, LP, for use by the City of all or a portion of the premises located at 520 North Delaware Avenue, Philadelphia, Pennsylvania, under certain terms and conditions.