Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Estoppel Certificate
Purpose: Issuance of Estoppel Certificate certifying the status of the Lease Agreement.
Entity Name: El Sid Properties LLC
Entity Address: 500 Avenue P, Newark, New Jersey 07105-4802
Sale Amount: $0.00
Cost Basis: ( ) $ PSF ( ) Negotiated (X) N/A ( ) Other:
Assessed Amount: $0.00
Appraised Amount: $0.00
Contract Period: Not Applicable
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property:
(Address/Block/Lot/Ward)
704-738 Doremus Avenue/Block 5074/Lot 1/East Ward (Portion)
Additional Information:
Ordinance 6PSF-c, adopted on September 2, 2020, authorized the Lease Agreement.
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WHEREAS, pursuant to Ordinance 6PSF-c, adopted on September 2, 2020, the Newark Municipal Council, authorized the execution of a twenty (20) year Lease Agreement with El Sid Properties, LLC, 500 Avenue P, Newark, New Jersey 07105-4802 (Landlord), for the City of Newark ("City") to rent the premises located at 704-738 Doremus Avenue, Newark, New Jersey, and identified on the City's tax map as Block 5074, Lot 1 (the "Property"), as a Firing Range, to be utilized by the City's Department of Public Safety, Police Division; and
WHEREAS, on or about February 26, 2021, the City of Newark and El Sid Properties, LLC executed the Lease Agreement setting forth the terms and conditions of the Lease, a copy of which is attached hereto as Exhibit A; and
WHEREAS, El Sid Properties, LLC is currently in the negotiations for the sale of the Property to Lasso Industrial, LLC ("Buyer"),; and
WHEREAS, as a condition of the proposed sale, the Buyer has requested that the City issue an Estoppel Certificate cer...
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