Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Acceptance of Funding Contribution
Purpose: To accept funding provided by the New Jersey Turnpike Authority and held in escrow for Phase D public access improvements at Newark Riverfront Park, and authorize the City to access and administer the funding.
Entity Name: New Jersey Turnpike Authority
Entity Address: 1 Turnpike Plaza, Woodbridge, New Jersey 07095-5042
Grant Amount: $3,000,000.00
Total Project Cost: Approximately $6,000,000.00, as estimated in the Escrow Agreement
City Contribution: Not specified in the Escrow Agreement.
Other Funding Source/Amount: Not specified in the Escrow Agreement.
Funding Period: Subject to the terms of the Escrow Agreement and any written extension or approval issued by the New Jersey Department of Environmental Protection
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale () Grant ( ) Sub-recipient (X) n/a
Additional Information:
NJTA Agreement No. 231-25. Funds are held by the escrow agent and disbursed subject to NJDEP approval.
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WHEREAS, pursuant to N.J.S.A. 40:69A-29, the City of Newark ("City") is authorized, subject to applicable law, to undertake public improvements, enter into contracts, and appropriate and expend funds for public purposes; and
WHEREAS, on April 3, 2024, the New Jersey Department of Environmental Protection ("NJDEP") issued a Waterfront Development Permit to the New Jersey Turnpike Authority ("NJTA") authorizing reconstruction of the Newark Bay Bridge as part of the Newark Bay-Hudson County Extension Improvements Program; and
WHEREAS, to satisfy the public access requirements associated with the permit, NJTA agreed to contribute Three Million Dollars and Zero Cents ($3,000,000.00) toward public access improvements at Newar...
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