Title
AN ORDINANCE RATIFYING AND AUTHORIZING THE MAYOR OF THE CITY OF NEWARK AND/OR HIS DESIGNEE, THE BUSINESS ADMINISTRATOR, TO ENTER INTO AND EXECUTE A RENEWAL LEASE AGREEMENT WITH INVEST NEWARK, A NEW JERSEY NOT-FOR-PROFIT CORPORATION, 111 MULBERRY STREET, SUITE 1, NEWARK, NEW JERSEY 07102 ("LESSEE"), FOR THE USE OF (24) UNUSED PORTIONS OF THE CITY OF NEWARK'S DATA NETWORK ("DARK FIBER"), FOR THE DEVELOPMENT OF SMART CITY INITIATIVES AND GIGABIT CONNECTIVITY, FOR THE PERIOD OF FIVE (5) YEARS, NOVEMBER 1, 2021 THROUGH OCTOBER 31, 2026, FOR THE NOMINAL CONSIDERATION OF ($5.00).
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WHEREAS, on August 3, 2016, the Municipal Council adopted Ordinance 6PSF-h, authorizing the execution of a Lease Agreement with Newark Community Economic Development Corporation, now known as Invest Newark, for the right to operate, repair, maintain, and expand twenty-four (24) unused portions of the City of Newark's data network ("Dark Fiber"), for a period of five (5) years with an option to renew for an additional five (5) years ("Original Lease Agreement"); and
WHEREAS, on November 1, 2016, the Parties fully executed the Original Lease Agreement, which expired on October 31, 2021; and
WHEREAS, Invest Newark, a New Jersey Not-for-Profit Corporation, 111 Mulberry Street, Suite 1, Newark, New Jersey 07102 ("Invest Newark") and the City of Newark (the "City") have discussed Invest Newark's desire to exercise its option to renew the Original Lease Agreement for an additional five (5) years; and
WHEREAS, the City and Invest Newark wish to extend the terms of the Original Lease Agreement for an additional five (5) year period, pursuant to the same terms and conditions set forth in the Original Lease Agreement as authorized pursuant to Ordinance 6PSF-h, which was adopted on August 3, 2016.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
Section 1. The Mayor of the City of ...
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