Title
ORDINANCE RATIFYING AND AUTHORIZING THE DIRECTOR OF THE DEPARTMENT OF RECREATION, CULTURAL AFFAIRS AND SENIOR SERVICES ON BEHALF OF THE CITY OF NEWARK (LESSOR) TO ENTER INTO AND EXECUTE A LEASE AGREEMENT WITH THE PUERTO RICAN DAY PARADE, INC., (LESSEE) FOR THE PROPERTY LOCATED AT 201 BLOOMFIELD AVENUE, NEWARK, NEW JERSEY 07104, (BLOCK 536, LOT 1), FOR A PERIOD OF ONE (1) YEAR COMMENCING ON MARCH 1, 2018 AND TERMINATING ON FEBRUARY 28, 2019, FOR THE SUM OF ONE DOLLAR AND ZERO CENTS ($1.00), AND WITH FIVE (5) ONE (1) YEAR OPTIONS TO RENEW, SUBJECT TO MUNICIPAL COUNCIL APPROVAL.
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WHEREAS, the City of Newark (the "Lessor") owns the premises commonly known as 201 Bloomfield Avenue, Newark, New Jersey 07104 (Block 536, Lot 1, on the Official Property Map of the City of Newark) and also commonly known as the Vince Lombardi Center of Hope; and
WHEREAS, the Puerto Rican Day Parade, Inc. (the "Lessee"), a non-profit corporation of the State of New Jersey with tax exempt status with both the State of New Jersey and Federal Government, is serving a public purpose and qualifies, pursuant to N.J.S.A. 40A:12-14(c), to enter into a lease agreement with the City of Newark for nominal consideration; and
WHEREAS, the Lessee desires to enter into a lease agreement with the Lessor, for a period commencing on March 1, 2018 and terminating on February 28, 2019 (the "Initial Term"), with five (5) one (1) year options to renew (the "Optional Period"), subject to Municipal Council approval, for nominal consideration in accordance with the terms and conditions of the lease agreement, (attached hereto and made a part hereof); and
WHEREAS, the aforesaid premise is not currently needed for use by the Lessor; and
WHEREAS, the leasing of the aforesaid premise is governed by the provisions of the Local Lands and Building Law, N.J.S.A. 40A:12-14(c).
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF ...
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