MAYOR BARAKA ANNOUNCES $155 MILLION LEASE AMENDMENT WITH PORT AUTHORITY

Money will help support city services and initiatives including infrastructure improvements.

Newark, NJ – October 1, 2019 – Mayor Ras J. Baraka will announce that the City of Newark is receiving $155 million in an amended lease agreement from the Port Authority of New York and New Jersey, at a press conference today, Tuesday, October 1, at 1 p.m., in the City Hall Press Room. City Hall is located at 920 Broad Street.

“We have been in talks with the Port Authority over our lease agreement and, clearly, this money comes at a fortuitous time for us,” Mayor Baraka said.

The amended lease agreement is for a 30-year period, providing Newark with a $5 million upfront payment and $5 million a year for the duration of the lease.

“We can add this money to our budget to support city services, make some capital improvement and apply to some debt service,” the Mayor said. “I’ve always said the ports and airport were asset for this city that we could better utilize. This money is another example of this city using its own resources to solve our own problems.”

The additional operating money comes at a time when the city has begun the replacement of more than 18,000 lead service lines in Newark. When this task is completed in an estimated 24 to 30 months, every single such line in the city will be replaced at no expense to the taxpayer or property owner. This is the first time any city in the northeast United States has done so to address lead issues in its water.

WHO:             Mayor Ras J. Baraka

WHAT:         Will announce that the City of Newark is receiving $155 million in a new lease agreement from the Port Authority of New York and New Jersey.

WHEN:         Tuesday, October 1

                        1 p.m.

WHERE:       Press Room

                        City Hall

                        920 Broad Street

MEDIA NOTE: Parking is available in nearby streets and lots.