TITLE
AN ORDINANCE AUTHORIZING THE EXECUTION OF A LEASE AGREEMENT BETWEEN THE CITY OF NEWARK (TENANT) AND 52 AMSTERDAM NEWARK, LIMITED LIABILITY COMPANY (LANDLORD) FOR THE LEASING OF THE PREMISES COMMONLY KNOWN AS 52-90 AMSTERDAM STREET, BLOCK 2085, LOT 1, CONSISTING OF AN APPROXIMATE SQUARE FOOTAGE NOT TO EXCEED 350,000, PURSUANT TO N.J.S.A. 40A:12-5 FOR A PERIOD OF TWENTY-FIVE (25) YEARS FROM THE DATE OF COMMENCEMENT, AS DEFINED IN THE LEASE AGREEMENT, TO BE USED AS THE CITY'S FLEET OPERATIONAND VEHICLE REPAIR/STORAGE CENTER FOR AUTOMOTIVE MOTORS STORAGE, SERVICE, REPAIR AND HEAVY REPAIR, AT AN APPROXIMATE ANNUAL RENTAL NOT TO EXCEED $4,725,000.00 IN YEAR ONE (1) AND ESCALATING TO AN APPROXIMATE ANNUAL RENTAL NOT TO EXCEED $7,599,866.00 IN YEAR TWENTY-FIVE (25), WITH ONE ADDITIONAL FIVE (5) YEAR OPTION TO RENEW.
body
WHEREAS, 52 Amsterdam Newark, Limited Liability Company (Landlord), is the owner of the Property located at 52-90 Amsterdam Street, Newark, New Jersey, Block 2085, Lot 1 (formerly known as Block 2068, Lots 1, 5, 7, 10, 14, 25, 27, 28, 29, 30, 32, 33, 41, & 60; Block 2083, Lot 19; and Block 2085, Lots 1, 3 & 20), containing up to approximately 350,000 rentable square feet; and
WHEREAS, the City of Newark (Tenant), desires to have 52 Amsterdam Newark, Limited Liability Company (Landlord) construct three (3) new buildings on the Property, that will serve as the City of Newark's Fleet Operation and Vehicle Repair/Storage Center for automotive motors storage, service, repair and heavy repair; and
WHEREAS, the City of Newark (Tenant), desires to enter into a Lease Agreement with 52 Amsterdam Newark, Limited Liability Company (Landlord), to cover all construction, in addition to the lease of the Property for the above purpose for a period of twenty-five (25) years, with an option to renew for an additional five (5) years and an option to purchase the Property any time during the term, as per the terms and conditions of the Lea...
Click here for full text