After years of negotiations, officials with the Hunts Point Terminal Market and the city of New York have struck a deal to keep the produce market in Hunts Point.

Deal keeps Hunts Point market in New YorkOn Dec. 31, the city’s Economic Development Corporation stated the agency renewed the wholesale market’s lease for seven years, according to a Jan. 1 New York Times article.

The deal means the market is set to remain in the city’s Bronx borough until 2021 and the agreement includes an option to renew the lease for 10 years after the deal expires, according to the article.

The pact is viewed as the start of developing a long-term plan to overhaul the market, according to the article.

“This is our way of saying, look, let us rebuild this place and let’s focus on making this place bigger and better than it ever was,” Charles Slepian, special counsel to the market’s board of directors, said in the article.

Though Slepian said the market’s operators will consider offers from the New Jersey, for now they plan to concentrate on short-term improvements including repaving roads and repairing aging railroad tracks, he said in the article.

The market has been an integral part of New York City’s economy and created jobs for thousands of people and providing fresh produce to millions of New Yorkers, Kyle Kimball, the development corporation’s president, said in the story.

In the agreement, the city plans to lower the market’s rent, and market officials agreed to lower the amount it can deduct from its rent for infrastructure repairs.