Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Lease Agreement Purpose: To authorize the execution of a Memorandum of Agreement for the establishment of a Compensation and Mitigation Bank and a New Jersey Department of Transportation Lease Agreement to establish the Department of Transportation Green Acres Mitigation Bank in furtherance of the Joseph G. Minish Passaic River Waterfront Park and Historic Area. Entity Name: New Jersey Department of Transportation Entity Address: 401 East State Street, Trenton, New Jersey 08625 Lease Amount: $1.00 per year Lease Period: Twenty-five (25) years from the date of execution of the agreement 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) Jackson Street and Raymond Boulevard/Block 2029/Lots 1, 7, 21, and 22/Block 171/Lots 1, 6, and 8 Additional Information: