Title
Dept/ Agency: Administration/Office of the Business Administrator
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Memorandum of Understanding
Purpose: To maximize economic activity related to, and support the development of Lionsgate Studios, which is located within its municipality;
Entity Name: New Jersey Economic Development Authority (NJEDA)
Entity Address: One Gateway Center, Suite 1410, Newark, New Jersey, 07102
Grant Amount: $1,000,000.00
Total Project Cost: $1,000,000.00
City Contribution: $0.00
Other Funding Source/Amount: N/A
Grant Period:
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:
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WHEREAS, the New Jersey Fiscal Year 2023 State Appropriation Act appropriated $15,000,000 to the Film Industry Strategic Support Fund to be used to grow and strengthen the state's film and digital media industry, including attracting film studio production facilities to the state and expanding job opportunities; and
WHEREAS, New Jersey Economic Development Authority ("NJEDA") is an independent State authority established pursuant to N.J.S.A. 34:1B-1, et seq., in but not of the Department of Treasury, which serves as the State's principal agency for driving economic growth; and
WHEREAS, NJEDA has determined to use Five Million Dollars and Zero Cents ($5,000,000.00) of the Film Industry Strategic Support Fund for municipalities undertaking improvements and infrastructure projects which support the development of Studio Partner or Film-Lease Partner facilities within their municipal boundaries (the "Program"); and
WHEREAS, the City of Newark (the "City") is a municipal corporation in Essex County and the State of New Jersey with offices at 920 Mayor Kenneth A. Gibson Boulevard, Newark, ...
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