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

Authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into a sublease agreement with the Philadelphia Municipal Authority, for use by the City of a portion of the premises located at 701 Market Street, all under certain terms and conditions. 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 sublease agreement with the Philadelphia Municipal Authority, with City as subtenant, for use by the City of a portion of the premises located at 701 Market 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 sublease and other documents necessary to effectuate this Ordinance, which sublease 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 the Proposed Sublease For 701 Market Street, Philadelphia, Pennsylvania 19106 1. Prime Landlord: Independence Center Realty L.P. 2. Sublandlord: The Philadelphia Municipal Authority. 3. Subtenant: The City of Philadelphia. 4. Premises Address: 701 Market Street, Philadelphia, PA 19106. 5. Use of the Premises: Approximately 26,758 rental square feet, on the 5…