NEW YORK-NEW JERSEY PORT AUTHORITY APPROVES NEW LEASE FOR NEWARK AIRPORT

NEW YORK-NEW JERSEY PORT AUTHORITY APPROVES NEW LEASE FOR NEWARK AIRPORT    The Port Authority of New York and New Jersey has approved terms for a new airport lease agreement with the City of Newark.
   The new lease extends the agency’s lease from 2031 (current lease’s expiration year) to 2065. The port authority said the lease’s extension allows it to plan future investments at the airport, including $3.8 billion worth of public and private redevelopment projects.
   Major provisions of the lease include:
   * A combined payment for the airport and the seaport of $115 million in the first year, and annual combined lease payments of about $80 million in years 2-5.
   * Increases of rent payments every five years, proportional to growth in airport and seaport revenues.
   * Newark will discontinue major elements of its pending arbitration and litigation.
   * The new lease also provides that the name of the airport shall be changed to Newark Liberty International Airport to commemorate the Sept. 11 attacks.