Title
Dept/ Agency: Law
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Pre-Litigation Settlement of Claim
Docket No.:
Claimant: NW Financial Group, LLC
Claimant's Representative: Timothy S. Eismeier, Managing Director
Attorney's Address: 2 Hudson Place, 3rd Floor, Hoboken, New Jersey 07030
Settlement Amount: $318,755.61
Funding Source: Judgment Fund
Additional Comments:
Invitation: Corporation Counsel
body
WHEREAS, the City of Newark has had a need for Municipal Financial Advisor services; and
WHEREAS, NW Financial Group, LLC, 2 Hudson Place, 3rd Floor, Hoboken, New Jersey 07030 is an entity that provides Financial Advisor services to municipalities; and
WHEREAS, during 2019, NW Financial performed such Municipal Financial Advisor services for the City of Newark, and submitted to the City of Newark, Department of Finance invoices from January 1, 2019 through October 31, 2019 for service rendered as the City of Newark's Municipal Financial Advisor; and
WHEREAS, in an effort to avoid litigation for outstanding payment owed to NW Financial Group, LLC, the parties have agreed to resolve this matter without the need for litigation; and
WHEREAS, a proposal has been made to resolve this matter in its entirety by payment in the total amount of $318,755.61 (Three Hundred Eighteen Thousand Seven Hundred Fifty-Five Dollars and Sixty-One Cents)("Settlement Sum") and execution of the attached Settlement Agreement and General Release; and
WHEREAS, the Corporation Counsel based upon all facts and circumstances deems it in the best interest of the City of Newark to resolve said matter by payment of the proposed Settlement.
NOW, THEREFORE, BE IT RESOLVED BY THE 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 execute and accept the terms of the Settlement Agreement and Release, attached hereto.
2. Upon receipt by the Corporation Counsel of all documents deemed necessary, the Director of Finance is hereby authorized and directed to issue payment in the amount of $318,755.61 (Three Hundred Eighteen Thousand Seven Hundred Fifty-Five Dollars and Sixty-One Cents).
3. Upon receipt by the Corporation Counsel and/or Outside Counsel of all supporting documents, the Director of Finance is hereby authorized and directed to issue payment as follows:
(a) $318,755.61 (Three Hundred Eighteen Thousand Seven Hundred Fifty-Five Dollars and Sixty-One Cents) made payable to NW Financial Group, LLC., to be delivered to Timothy S. Eismeier, Managing Director, 2 Hudson Place, 3rd Floor, Hoboken, New Jersey 07030.
4. Attached hereto is the Certification of Funds issued by the Director of Finance, City of Newark, which states that there are available sufficient legally-appropriated funds from Business Unit NW044, Dept. W02, Division/Project S0210, and Account #94710, in the amount of $318,755.61 (Three Hundred Eighteen Thousand Seven Hundred Fifty-Five Dollars and Sixty-One Cents).
5. The Corporation Counsel shall file a copy of the Comptroller's Certification in the Office of the City Clerk along with this Resolution.
6. A fully executed copy of the Settlement Agreement and General Release shall be filed in the Office of the City Clerk by the Corporation Counsel.
7. This resolution shall be effective upon adoption in accordance with applicable State Law.
STATEMENT
This Resolution authorizes the Corporation Counsel on behalf of the City of Newark to enter into a Settlement Agreement and General Release to settle outstanding payment due to NW Financial Group, LLC, in the amount of $318,755.61, in exchange for the dismissal of any and all claims against the City of Newark and its employees, and a complete release.