Title
AN ORDINANCE AUTHORIZING THE EXECUTION OF A LICENSE AGREEMENT BETWEEN THE CITY OF NEWARK (LICENSEE AND CITY) AND BROAD ST FIDELCO LLC (LICENSOR AND FIDELCO) FOR THE CITY'S USE OF LICENSE AREA, AS SET FORTH IN THE LICENSE AGREEMENT, LOCATED AT 468-498 BROAD STREET, NEWARK, NEW JERSEY 07102, BLOCK 25, LOT 1 (CENTRAL WARD), PURSUANT TO N.J.S.A. 40A:12-3 & 5, TO BE USED AS A POLICE PRECINCT SUBSTATION BY THE DEPARTMENT OF PUBLIC SAFETY, OFFICE OF PROFESSIONAL STANDARDS, FOR A MONTHLY RENTAL AMOUNT OF $5,816.25, FOR A PERIOD OF TIME COMMENCING ON AUGUST 1, 2024 AND REMAINING IN EFFECT FOR THE PERIOD OF TIME UNTIL A NEW LEASE IS ENTERED INTO AND POSSESSION OF THE PREMISES THAT IS SUBJECT OF THE NEW LEASE IS DELIVERED TO LICENSEE. (CENTRAL WARD)
Deferred 6PSF-f 120424
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WHEREAS, Licensor is the fee owner of the office building commonly known as 494 Broad Street, Newark, New Jersey (the "Building"); and
WHEREAS, Licensor and Licensee are contemporaneously negotiating the terms of a long-term lease agreement for office space on the third (3rd) floor of the Building designated as Suite 302 (the "New Lease") to serve as a Police Precinct Substation for the City of Newark's Department of Public Safety, Office of Professional Standards; and
WHEREAS, until the New Lease is entered into and possession of the premises that is the subject of the New Lease is delivered to Licensee, the parties desire to provide for the licensing by Licensor to Licensee of the right to use and occupy, on a temporary basis, the office space on the ground floor of the Building as identified in Exhibit A of the License Agreement, attached hereto and made a part of this Ordinance.
WHEREAS, the City is authorized to acquire property as a license, pursuant to the Local Lands and Buildings Law, N.J.S.A. 40A:12-3 & 5, upon passage of an ordinance; and
WHEREAS, the City wishes to enter into a License Agreement with the Fidelco to license the ...
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