Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Assignment of Grant Agreement
Purpose: Assignment of Grant Agreement from the Community Foundation of New Jersey to the City of Newark
Entity Name: Community Foundation of New Jersey
Entity Address: P.O. Box 338, Morristown, New Jersey 07038
Sale Amount: N/A
Cost Basis: ( ) $ PSF ( ) Negotiated ( X ) N/A ( ) Other:
Assessed Amount: N/A
Appraised Amount: N/A
Contract Period:
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:
This resolution authorizes an assignment of the Grant Agreement rights and transfer of funds from the Community Foundation of New Jersey to the City of Newark
body
WHEREAS, by Resolution 7R3-C(s) on July 23, 2013, the Municipal Council of the City of Newark (the "Municipal Council") authorized the entry into a grant agreement with Genesis Fairmount Partners Limited Liability Company, a Delaware limited liability company ("Genesis"), Newark Animal Shelter, Inc., a New Jersey nonprofit corporation ("NAS") and Community Foundation of New Jersey ("CFNJ") in an amount not to exceed $5,700,000.00 ("Grant Funds"), funded by Motor Vehicle Rental Tax Revenues; and
WHEREAS, on September 17, 2013, the City, Genesis, NAS and CFNJ entered into the Grant Agreement that was authorized by Resolution 7R3-C(s) on July 23, 2013 ("Grant Agreement"); and
WHEREAS, the Grant Agreement specified financial assistance for: (A) Genesis for certain environmental remediation costs ("Eligible Remediation Costs") relating to the construction of a scattered site development with a total of 61 residential apartments affordable to...
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