25-0408

AN ORDINANCE AUTHORIZING THE EXECUTION OF A LEASE AGREEMENT BETWEEN THE CITY OF NEWARK (TENANT) AND 169 CLINTON DEVELOPMENT URBAN RENEWAL, LLC, A NEW JERSEY LIMITED LIABILITY COMPANY HAVING AN ADDRESS AT 246 DANFORTH AVENUE, JERSEY CITY, NEW JERSEY 07305 (LANDLORD), PURSUANT TO N.J.S.A. 40A:12-3, 5, AND 15 TO LEASE THE PORTION OF THE BUILDING AS SHOWN ON THE FLOOR PLANS ATTACHED TO THE LEASE AGREEMENT AS EXHIBIT B, LOCATED AT 169 CLINTON AVENUE, IN THE CITY OF NEWARK, ESSEX COUNTY, NEW JERSEY, KNOWN AND DESIGNATED ON THE TAX MAP OF THE CITY OF NEWARK AS BLOCK 2588, LOT 20, TO ACCOMMODATE THE CITY’S PUBLIC PURPOSE OF PROVIDING HOUSING FOR A SIGNIFICANT HOMELESS POPULATION IN THE CITY OF NEWARK TO ENSURE THEIR HEALTH, SAFETY, AND WELLNESS, FOR A PERIOD OF FIFTEEN (15) YEARS COMMENCING ON MARCH 1, 2025, WITH TWO (2) OPTIONAL RENEWAL TERMS, THE FIRST RENEWAL TERM SHALL BE FOR AN ADDITIONAL PERIOD OF TEN (10) YEARS AND A SECOND OPTIONAL RENEWAL TERM SHALL BE FOR AN ADDITIONAL PERIOD OF SEVEN (7) YEARS, AS PER THE TERMS AND CONDITIONS OF THE LEASE AGREEMENT, AT AN APPROXIMATE ANNUAL RENTAL NOT TO EXCEED $0.00 FOR THE FIRST TWO (2) YEARS AND ESCALATING TO AN APPROXIMATE ANNUAL RENTAL NOT TO EXCEED $3,992,130.48 IN YEAR TEN (10). Failed 6PSF-f 040225 Deferred 6SF-a 041625 Deferred 6SF-a 050725 Deferred 6SF-a 052125 Deferred 6SF-a 060425 Deferred 6SF-a 070225

Ordinance Adopted Introduced March 14, 2025

What this record is

Held by: 169 Clinton Development Urban Renewal, LLC 2 records across this site
Amount: $3.99M
Runs until: no end date published in this record
Type: amendment
Field: Health & social

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