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AN ORDINANCE FOR THE APPROVAL OF THE ASSIGNMENT AND ASSUMPTION AGREEMENT BETWEEN EL SID PROPERTIES LLC AND GPOP DOREMUS AVE OWNER, LLC FOR THE PURPOSE OF TRANSFERRING ALL OBLIGATIONS OF THE CITY OF NEWARK AS TENANT TO GPOP DOREMUS AVE OWNER, LLC AS THE LANDLORD
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WHEREAS, pursuant to Ordinance 6PSF-c, adopted on September 9, 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, for the City of Newark (the “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 (the “Lease Agreement”), a copy of which is attached hereto as Exhibit A; and
WHEREAS, on or about October 2, 2024, the Newark Municipal Council adopted Ordinance 6PSF-a which amended Ordinance 6PSF-c, adopted on September 9, 2020 for the purpose of updating and amending recitals and defined terms of the original lease agreement, setting fair market rent, settling past due base rent and reimbursement of other charges, and setting forth basic rent for years five (5) through twenty (20); and
WHEREAS, on April 1, 2026, the Newark Municipal Council adopted Resolution 7R2-l(as) which authorized, empowered, and directed the Director of the Department of Economic and Housing Development to execute an estoppel certificate so that the sale of the Property may be completed and the City may continue with the Lease Agreement and ratified its authorization to execute the Estoppel Certificate from March 25, 2026 through the date of adoption of Resolution 7R2-l(as); and
WHEREAS, on March 25, 2026, the Director of the Department o...
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