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AN ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, AUTHORIZING THE EXECUTION OF A LEASE AGREEMENT BETWEEN THE CITY OF NEWARK AND PUBLIC SERVICE ELECTRIC AND GAS COMPANY (PSE&G).
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WHEREAS, the City is the owner of a certain property located in the City of Newark, County of Essex and State of New Jersey, identified on the tax map of the City of Newark as Block 3730.01, Lot 2, more commonly known as 198-202 Meeker Avenue, Newark, New Jersey 07112 (herein referred as the "Property"); and
WHEREAS, the City desires to lease a certain portion of the Property as shown on Exhibit A (the "Leased Premises") pursuant to the terms contained in the lease agreement in a form substantially consistent with the lease agreement annexed hereto as Exhibit B (the "Lease Agreement") to Public Service Electric and Gas Company (Lessee); and
WHEREAS, the City agrees to allow Lessee to occupy the Leased Premises as a staging area for parking of contractor vehicles, storage of materials in approved containers, general storage of materials and storage of mechanized equipment; and
WHEREAS, pursuant to N.J.S.A. 40A:12-14(b) the City is authorized to enter a lease upon such terms and conditions and for nominal or other consideration as the Governing Body of the municipality shall approve by ordinance; and
WHEREAS, the City determined that it is appropriate for the City to authorize the execution and delivery of the Lease Agreement to reflect the foregoing.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Mayor and/or his designee, the Deputy Mayor/Director of the Department of Economic and Housing Development are authorized to: (a) execute the Lease Agreement in a form substantially consistent with the Lease Agreement annexed hereto as Exhibit B with the Public Service Electric and Gas Company for a portion of the property identified on the City of Newark Tax...
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