Title
AN ORDINANCE AUTHORIZING THE EXECUTION OF A LEASE AGREEMENT BETWEEN THE CITY OF NEWARK (TENANT) AND BROAD ST FIDELCO LLC (LANDLORD) FOR THE LEASING OF APPROXIMAETLEY 2,970 SQUARE FEET OF PROPERTY 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, FOR A PERIOD OF FIVE (5) YEARS FROM THE DATE OF COMMENCEMENT, AS DEFINED IN THE LEASE AGREEMENT, TO BE USED AS A POLICE PRECINCT SUBSTATION BY THE DEPARTMENT OF PUBLIC SAFETY, OFFICE OF PROFESSIONAL STANDARDS, AT AN APPROXIMATE ANNUAL RENTAL NOT TO EXCEED $69,795.00 IN YEAR ONE (1) AND ESCALATING TO AN APPROXIMATE ANNUAL RENTAL NOT TO EXCEED $78,554.89 IN YEAR FIVE (5), WITH TWO (2) OPTIONAL RENEWAL TERMS OF FIVE (5) YEARS EACH.
Deferred 6PSF-g 120424
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WHEREAS, the City of Newark (the City") is desirous of leasing property in the City of Newark to serve as a Police Precinct Substation for the City of Newark's Department of Public Safety, Office of Professional Standards; and
WHEREAS, the Office of Professional Standards space must meet minimum requirements per the State's standards; and
WHEREAS, pursuant to Newark Municipal Code 2:4-16, the City reviewed its inventory of city owned property, and the City does not have space within any city owned property that can adequately accommodate the State's standards and the needs of the Office of Professional Standards; and
WHEREAS, the City's Office of Professional Standards compared lease terms of three potential locations and determined that a portion of the property located at 468-498 Broad Street, Newark, New Jersey, 07102, Block 25, Lot 1 satisfies the City's needs and State's standards and is the most cost effective and best fit for the Office of Professional Standards; and
WHEREAS, Broad St Fidelco, LLC, a New Jersey limited liability company, 225 Millburn Avenue, Suite 202, Millburn, New Jersey 07041 ("Landlord"), ...
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