Summary
PICA adopted Resolution No. 2024-11, approving a lease renewal for its current office at 1500 Walnut Street, Suite 1600. The previous lease was set to expire on August 31, 2024, prompting PICA staff to evaluate alternative office spaces before recommending a renewal at the existing location. The new lease agreement includes a seven-year term with an average base rental rate of $19.71 per square foot and a 3% annual rent escalation. The Board determined that staying at the current location was in PICA’s best interest, considering cost-effectiveness and operational continuity. The resolution authorizes the Chairperson and Executive Director to finalize the lease and execute related agreements. The resolution takes effect immediately.