Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Lease Agreement
Purpose: To authorize the execution of a Memorandum of Agreement for the establishment of a Compensation and Mitigation Bank and a New Jersey Department of Transportation Lease Agreement to establish the Department of Transportation Green Acres Mitigation Bank in furtherance of the Joseph G. Minish Passaic River Waterfront Park and Historic Area.
Entity Name: New Jersey Department of Transportation
Entity Address: 401 East State Street, Trenton, New Jersey 08625
Lease Amount: $1.00 per year
Lease Period: Twenty-five (25) years from the date of execution of the agreement
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: (if applicable)
(Address/Block/Lot/Ward)
Jackson Street and Raymond Boulevard/Block 2029/Lots 1, 7, 21, and 22/Block 171/Lots 1, 6, and 8
Additional Information:
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WHEREAS, pursuant to Resolution 7RB-I adopted on August 4, 1999, the New Jersey Department of Environmental Protection ("NJDEP"), the City of Newark ("City") by and through the United States Army Corps of Engineers ("USACE") have undertaken a joint project to construct a new steel bulkhead along the Passaic River bank from Bridge Street to Jackson Street and to restore the Passaic River bank from Jackson Street to Brill Street, said project known as the Joseph G. Minish Passaic River Waterfront Park and Historic Area ("Project"); and
WHEREAS, pursuant to Ordinance 6S&FP adopted on October 3, 2001, the City authorized the acceptance and conveyance of property necessary to carry out the Project; and
WHEREAS, in 2010, in partnership with the County of Essex and the Trust for Public Lan...
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