Title
Dept/ Agency: Law
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Settlement of Civil Litigation
Docket No.: Not Applicable
Claimant: MZM Construction Co., Inc., 105 Lock Street, Suite 205, Newark, New Jersey 07103
Claimant's Attorney: Not Applicable
Settlement Amount: $90,000.00
Funding Source: 2023 Budget/Department of Economic and Housing Development
Additional Comments:
This Resolution and Settlement Agreement resolves all outstanding invoices for the costs associated with MZM Construction Co., Inc., providing construction services for Invest Newark during the period of February 7, 2018 through February 28, 2022.
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WHEREAS, the City of Newark is the owner of the Property located at 505-507 Clinton Avenue, Newark, New Jersey, identified on the tax map of the City of Newark as Block 3000, Lot 21 (the "Property"); and
WHEREAS, Invest Newark (f/k/a Newark Community Economic Development Corporation, hereinafter "Invest Newark") is the redeveloper of a mixed use project known as the Gant-Gilbert Arts Collective at the Property, which consists of the construction of a 4-story structure with twenty-five (25) rental residential units with additional caf?, art gallery, performance space and community space (the "Project"); and
WHEREAS, Invest Newark entered into an AIA A132 construction contract with Unimak, LLC ("Unimak") to act as the general contractor for the Project and Unimak entered into a subcontract agreement with MZM Construction Co., Inc. ("Subcontractor"), to perform certain carpentry and to perform and provide other work, labor, material and services (the "Work") at the Project (the "Subcontract"); and
WHEREAS, the City of Newark has agreed to settle certain claims raised by Subcontractor that Subcontractor is owed money related to the Work it performed at the Property for the Project; and
WHEREAS, to avoid the expen...
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