Title
Dept/ Agency: Law
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Settlement of Civil Litigation
Docket No.: Not Applicable
Claimant: Appraisal Consultants Corp.
Claimant's Address: 293 Eisenhower Parkway, Suite 180, Livingston, New Jersey 07039
Settlement Amount: $19,437.00
Funding Source: Insurance Trust Fund
Additional Information:
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WHEREAS, from July 01, 2023 through October 31, 2023, the City of Newark (the "City") utilized the real estate appraisal services of Appraisal Consultants Corp.; and
WHEREAS, a settlement proposal has been made to resolve this claim by payment in the total amount of Nineteen Thousand Four Hundred Thirty-Seven Dollars and Zero Cents ($19,437.00) ("Settlement Sum"), and execution of a Settlement Agreement and Release; and
WHEREAS, there remains an outstanding balance for the real estate appraisal services provided to the City of Newark from July 01, 2023 through and including October 31, 2023 of Nineteen Thousand Four Hundred Thirty-Seven Dollars and Zero Cents ($19,437.00); and
WHEREAS, to avoid the costly expense of litigation, the Parties and the City's Corporation Counsel desire to amicably resolve this matter with payment by the City of the Settlement Sum, in exchange for Plaintiff's execution of the Settlement Agreement and Release (attached) as a full and complete release of the matter; and
WHEREAS, the Corporation Counsel, based upon all facts and circumstances surrounding the matter, deems it is in the best interest of the City to resolve this matter by payment in the amount set forth above; and
NOW, THEREFORE, BE IT RESOLVED BY MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Corporation Counsel is hereby authorized on behalf of the City of Newark to enter into, execute and accept the terms of the Settlement Agreement and Release, attached hereto.
2. Upon receipt by the Corporation Counsel of all doc...
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