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The deal has an enterprise value of $152.25 million. The acquisition, which is expected to close in October, includes a substantial corporation tax value of more than $13 million.

According to the terms of a plea agreement, the federal government will recommend Lynch receive a jail sentence within the range of 46 to 57 months.

In conjunction with the bankruptcy filing, the internally-managed REIT reports it has entered a stalking horse equity and asset purchase agreement with an entity owned by funds managed by affiliates of Fortress Investment Group of New York City with a bid of $174.4 million.

The mayor in her address outlined her administration's efforts to identify more than $100 million in savings and efficiencies over the first 100 days and the work that remains to balance next year's budget.

The deal caps annual rent increases at 5%, plus inflation, with a maximum of 10% per year.

"Over the last decade, the environmental remediation industry has learned a lot about what SRRA covers and where it fell short," Richardson said. "This update to the legislation dots the i's and crosses the t's, directly pulled from our lived experience with the requirements."

MTB AMG is using the funding to relocate the company's headquarters and 160 jobs from Brooklyn to Newark.

The county acquired the two buildings that are connected by a walkway bridge over University Avenue for $26 million. Located in Newark's downtown, the complex is located across the street from the Historic Essex County Courthouse.