Title
Dept/ Agency: Law
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Pre-Litigation Settlement of Civil Litigation
Docket No.: N/A
Claimant: TDAF I Springfield Avenue Holding Urban Renewal Company, LLC, 799 Central Avenue, Suite 300, Highland Park, Illinois 60035
Claimant's Attorney: Chiesa, Shahinian & Giantomasi, P.C.
Attorney's Address: One Boland Drive, West Orange, New Jersey 07052
Settlement Amount: $65,000.00
Funding Source: N/A
Additional Comments:
Settlement Sum to be paid to the City: $50,000.00 to Newark Workforce Development Board and $15,000.00 to the City's General Fund for a combined total settlement of $65,000.00.
Invitation: Acting Corporation Counsel
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WHEREAS, on January 8, 2014, the City of Newark ("City") entered into a Financial Agreement (the "Financial Agreement") with TDAF I Springfield Avenue Holding Urban Renewal Company, LLC (the "Owner" or "TDAF I") with respect to Blocks 236, 237, 238 and the vacated portions of Beacon and Rankin Streets, now known as Block 236, Lots 1.01, 1.02, 1.03, 1.04, 1.05, 1.06, 1.07 and 1.08, on the current official tax map of the City of Newark, Essex County, New Jersey (the "Property") with portions of the Property subject to long-term tax abatement being Lots 1.03, 1.04 and 1.05 (the "Abated Parcels"); and
WHEREAS the Financial Agreement concerned the Owner's construction of a mixed-use development project on the Abated Parcels (the "Project"); and
WHEREAS Section 17.02 of the Financial Agreement obligated the Owner to employ good faith efforts to meet certain requirements to hire minority and women business enterprises as well as local labor and apprentices for construction of the Project, and further obligated the Owner to document its good faith efforts in meeting the stated hiring requirements (the "Approved Affirmative Action Plan"); and
WHEREAS, the Owner maintains that it used good faith ...
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