Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying ( x ) Authorizing ( ) Amending
Type of Service: Funding and Escrow Agreement
Purpose: Funding and Escrow Agreement Between the City of Newark and Prudential Insurance Company of America, Devils Arena Entertainment LLC, Edison Properties, LLC and its affiliates, and J&L Companies and its affiliates
Entity Name: Devils Arena Entertainment LLC, Edison Properties, LLC and its affiliates, and J&L Companies and its affiliates
Entity Address: 25 Lafayette Street, Newark, New Jersey 07102
Contract Amount: N/A
Funding Source:
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( X ) n/a
List of Property:
(Address/Block/Lot/Ward)
Market Street on the North,
Green Street on the South,
McCarter Highway on the East,
Broad Street on the West,
Including the Prudential Center
(“Mulberry Commons Area”)
body
WHEREAS, the City of Newark (the “City”) and Prudential Insurance Company of America, Devils Arena Entertainment LLC, Edison Properties, LLC and its affiliates, and J&L Companies and its affiliates (collectively, the “Parties”) are owners or operators of numerous individually owned parcels (several of which are currently parking lots) and structures in the City, that span from Market Street on the North, Green street on the South, McCarter Highway on the East, and Broad Street on the West, including the Prudential Center, and are known and referred to herein as the “Mulberry Commons Area”; and
WHEREAS, in collaboration with each other, the Parties wish to investigate the development of a vision and Master Plan for the Mulberry Commons Area (the “Master Plan”); and
WHEREAS, Prudential, as the owner of a certain surface parking lot located off of Edison Place within the Mulberry Commons Area has agreed to engage an urban planning and architectural firm (hereafter called the “Planner”) to prepare a vision phase and master plan phase for the Mulberry Commons Area (hereinafter called the “Services”); and
WHEREAS, all Parties hereto (including Prudential) have agreed to contribute equally to the costs incurred by Prudential in retaining such Planner as more particularly set forth herein and Prudential has agreed to hold the funds in escrow pending the payment(s) to the Planner; and
WHEREAS, the Master Plan shall be undertaken subject to a funding and escrow agreement (the “Funding Agreement”) between the Parties; and
WHEREAS, the Parties desire to enter into Funding Agreement, in a form substantially consistent with Exhibit A.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Mayor and/or the Deputy Mayor/Director of the Department of Economic and Housing Development of the City, or either of them, hereby: authorize the Mayor and/or Deputy Mayor/Director of the Department of Economic and Housing Development to enter into the Funding and Escrow Agreement with the Prudential Insurance Company of America, Devils Arena Entertainment LLC, Edison Properties, LLC and its affiliates, and J&L Companies and its affiliates, in substantially the form attached hereto as Exhibit A.
2. The Deputy Mayor/Director of the Department of Economic and Housing Development is hereby authorized to effectuate certain business terms and conditions related to the Funding Agreement and may enter into any related documents which may be necessary in order to effectuate the Funding Agreement.
3. The executed Funding Agreement shall be placed on file in the Office of the City Clerk by the Deputy Mayor/Director of Department of Economic and Housing Development.
4. The Parties shall have thirty (30) days from the date this resolution is certified by the Office of the City Clerk to execute the attached Funding Agreement and return same to the Department of Economic Housing Development. Should the Parties fail to execute and return the attached Funding Agreement within this thirty (30) day time period, the authorization provided by this resolution shall be null and void, unless the Acting Deputy Mayor/Director of Department of Economic and Housing Development agrees in writing to extend this thirty (30) day period.
STATEMENT
This resolution authorizes the Mayor and/or his designee, the Director of the Department of Economic and Housing Development, on behalf of the City of Newark, to enter into a Funding and Escrow Agreement with the Prudential Insurance Company of America, Devils Arena Entertainment LLC, Edison Properties, LLC and its affiliates, and J&L Companies and its affiliates for the investigation and development of a vision and master plan of the Mulberry Commons Area.
EXHIBIT A
FUNDING AND ESCROW AGREEMENT