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