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Resolution#221092Passed
In plain English
This resolution approves a ten-year renewal of the office lease for the Transportation Management Center at 1455 Market Street, with an initial yearly rent of approximately $1.32 million and annual increases of three percent. It also allows the Director of Property to make necessary adjustments to the lease without significantly increasing the city's obligations.
Resolution authorizing and approving a first amendment to the lease to the renewal of an office lease for the existing Transportation Management Center with Hudson 1455 Market, LLC, as landlord, for the San Francisco Municipal Transportation Agency, at 1455 Market Street, at a yearly initial base rent of $1,320,059.49 with annual adjustments of three percent for a term of ten years to commence September 20, 2023, for a total term of September 20, 2023, through September 19, 2033; and to authorize the Director or Property to enter into any extensions, amendments, or modifications to the Lease that do not materially increase the obligations or liabilities to the City and are necessary to effectuate the purposes of the Lease or this Resolution.
How it got here
Related / predecessor legislation
↑ predecessor#110538— not yet in database
Document trail
PDF ↗
DRAFT First Amend
PDF ↗Amendment
SFMTAB Reso No. 221004-090 100422
PDF ↗Resolution
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BLA Rpt 111622
PDF ↗Budget and Legislative Analyst
PDF ↗
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Executed First Amend
PDF ↗Amendment
How they voted
ADOPTED
Board of Supervisors · Nov 29, 2022Pass
5-0
RECOMMENDED
Budget and Finance Committee · Nov 16, 2022Pass
1-0
Legislative journey
Clerk of the BoardOct 19, 2022
·RECEIVED FROM DEPARTMENT
PresidentNov 1, 2022
→RECEIVED AND ASSIGNED
Budget and Finance CommitteeNov 16, 2022
✓RECOMMENDEDPass
Board of SupervisorsNov 29, 2022
✓ADOPTEDPass
MayorDec 9, 2022
✓APPROVED
Clerk of the BoardJan 11, 2023
·RECEIVED FROM DEPARTMENT