SEC. 23.27. EXECUTION OF LEASES; APPRAISALS AND APPRAISAL REVIEWS; RESOLUTION…

Except as otherwise provided by the Charter, Administrative Code Sections 21B.3 or 23.26, or other provision of this Code, the Board of Supervisors shall approve all Leases on behalf of the City as tenant by resolution. Before adoption, the head of the department concerned shall recommend any such resolution for approval by the Board of Supervisors and the Director of Property shall determine the Market Rent of such Lease based on a review of available and relevant data. If the consideration to be paid by the City for the Lease as base rent is more than $45 per square foot per year, the Director of Property, on behalf of the department concerned, shall obtain an Appraisal for the Market Rent of the Lease. If the consideration to be paid by the City for the Lease as base rent is more than $60 per square foot per year, the Director of Property, on behalf of the department concerned, shall obtain an Appraisal Review for such Appraisal. Any Appraisal or Appraisal Review shall have an effective date of value that is not earlier than nine months before the date legislation for the proposed Lease is submitted to the Board of Supervisors. All such Leases shall be executed by the Director of Property or as otherwise directed by resolution of the Board of Supervisors.

(Added as Sec. 23.20 by Ord. No. 208 (1939); amended by Ord. 113-96, App. 3/13/96; redesignated and amended by Ord. 15-01, File No. 001965, App. 2/2/2001; amended by Ord. 103-16, File No. 160361, App. 6/24/2016, Eff. 7/24/2016; Ord. 10-25, File No. 250040, App. 2/12/2025, Eff. 3/15/2025)

(Former Sec. 23.27 redesignated as Sec. 23.45 and amended by Ord. 15-01, File No. 001965, App. 2/2/2001)