Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Leasing City-owned property
Purpose: Renovation of the Frank R. Lautenberg Courthouse & Post Office
Entity Name: KMS Development Partners, LP
Entity Address: 1600 Arch Street, Suite 203, Philadelphia, Pennsylvania 19103
Lease Amount: $
Lease Period: 99 Year Lease
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( x ) n/a
Location of Property: Frank R. Lautenberg Courthouse and Post Office)
(Address/Block/Lot/Ward)
2 Federal Square, (AKA 13-57 Walnut Street), Newark, New Jersey 07102 /Block 875 Lot 54/ East Ward
Additional Information:
Resolution authorizes entry of a Collaboration Agreement which contemplates the Redevelopment of the Frank R. Lautenberg Courthouse and Post Office through a subsequent sale-lease back agreement
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WHEREAS, the United States Postal Service (the “USPS”) owns and controls the Frank R. Lautenberg Post Office and Courthouse located at 2 Federal Square, (AKA 13-57 Walnut Street),Newark, New Jersey, Block 875 Lot 54, East Ward, (the “Building”) and the parcel of land upon which it is located (the “Land” and together with the Building, the “Property”), and desires to (a) make available a portion of the Building to the United States General Services Administration (the “GSA”) for use and occupancy by the United States federal court system and other federal agencies and (b) continue to utilize a portion of the Building for USPS purposes; and
WHEREAS, the Property is located in a designated “urban enterprise zone” within the City, which pursuant to N.J.S.A. 40A:12A-5(g) constitutes an “area in need of redevelopment” for the purpose of granting tax exemptions pursuant to N.J.S.A. 40A:20-1 et seq. (the “LTTE Law”); and
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