Dept./ Agency: Economic and Housing Development Action: (X) Ratifying (X) Authorizing (X) Amending Type of Service: Lease Agreement Purpose: To authorize the Second Amendment to the Lease Agreement, pursuant to N.J.S.A. 40A:12A-8(g), between the City of Newark and Newark Performing Arts Corporation for the properties commonly known as 12-28 Chestnut Street, 10 Chestnut Street, 1032 Broad Street, 1030 Broad Street, 1020-1026 Broad Street, and 1016-1018 Broad Street identified on the Official Tax Map of the City of Newark, as Block 883, Lots 32, 33, 36, 38, 41, and 46, for the purpose of removing the provisions in the Lease Agreement obligating the City to pay to Newark Performing Arts Corporation their annual operating costs and salaries for staff and executive director in the amount of $650,000.00. Entity Name: Newark Performing Arts Corporation Entity Address: 1030 Broad Street, Newark, New Jersey 07102 Lease Amount: $1.00 per year Lease Period: Eighteen (18) years commencing on May 1, 2008 and terminating on April 30, 2026 Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient (X) N/A Location of Property: (if applicable) (Address/Block/Lot/Ward) 1016-1018 Broad Street/Block 883/Lot 46/Central Ward 1020-1026 Broad Street/Block 883/Lot 41/Central Ward 1030 Broad Street/Block 883/Lot 38/Central Ward 1032 Broad Street/Block 883/Lot 36/Central Ward 10 Chestnut Street/Block 883/Lot 33/Central Ward 12-28 Chestnut Street/Block 883/Lot 32/Central Ward Additional Information: The initial Lease Agreement was approved by Resolution 7Re(S-2) adopted on July 17, 2007. The First Amended Lease Agreement was approved by Resolution 7R3-e(AS) adopted on February 18, 2009.