Title
Dept/ Agency: Administration/Office of Management & Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Temporary Emergency Appropriation
Purpose: Funds for the reconstruction of the Ironbound Stadium (East Ward)
Funding Source: Hess Corporation/Hess NEC, LLC via funds held in a Dedicated Escrow account
Appropriation Amount: $5,000,000.00
Budget Year: 2014
Contract Period: Until completion
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale (X ) Grant ( ) Sub-recipient ( ) n/a
Additional Information:
Funds accepted by Resolution 7R7- a(s) 032613
Operating Agency: Department of Engineering
Two-Thirds vote of full membership required.
Invitation: Director of Office of Management and Budget, May 20, 2014
body
TE-#21
WHEREAS, an emergency has arisen in Special Item of Appropriation in the amount of $5,000,000.00, for the reconstruction of the Ironbound Stadium and no adequate provision has been made in the 2014 Temporary Budget for the aforesaid purpose and N.J.S.A. 40A: 4-20 provides for the creation of an emergency appropriation for the purpose above-mentioned; and
WHEREAS, by the Hess Settlement Agreement signed May 1, 2013, from the Hess Corporation/Hess NEC, LLC, the City of Newark has reached an agreement in the amount of $5,000,000.00 to be held in a Dedicated Escrow account to fund reconstruction of the Ironbound Stadium; and
WHEREAS, N.J.S.A. 40A: 4-20 provides that the Governing Body by a two-thirds vote may make temporary emergency appropriations for any purpose for which appropriations may lawfully be made for the period between the beginning of the current fiscal year and the date of the adoption of the budget for said year; and
WHEREAS, emergency appropriation adopted in 2014, pursuant to N.J.S.A. 40A: 4-20 including this resolution total
$149,953,687.43.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. A temporary emergency appropriation be and the same is
hereby made for the following classification.
Program Amount
Ironbound Stadium Reconstruction $5,000,000.00
2. Said emergency appropriation shall be provided for in the 2014 budget.
3. A copy of this resolution shall be filed with the Director of Local Government Services by the City Clerk of the City of Newark.
STATEMENT
This legislation establishes the Appropriation for the Ironbound Stadium Reconstruction in the amount of $5,000,000.00per the settlement with Hess Corporation/Hess NEC, LLC and the City of Newark. The City will administer the funds per the settlement proceeds held in a Dedicated Escrow account. The project period is until completion (East Ward).