Title
Dept/ Agency: Administration/Office of Management & Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Temporary Emergency Appropriation
Purpose: Funds for the reconstruction of the Ironbound Stadium (East Ward)
Funding Source: Hess Corporation/Hess NEC, LLC via funds held in a Dedicated Escrow account
Appropriation Amount: $5,000,000.00
Budget Year: 2014
Contract Period: Until completion
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:
Funds accepted by Resolution 7R7- a(s) 032613
Operating Agency: Department of Engineering
Two-Thirds vote of full membership required.
Invitation: Director of Office of Management and Budget, May 20, 2014
body
TE-#21
WHEREAS, an emergency has arisen in Special Item of Appropriation in the amount of $5,000,000.00, for the reconstruction of the Ironbound Stadium and no adequate provision has been made in the 2014 Temporary Budget for the aforesaid purpose and N.J.S.A. 40A: 4-20 provides for the creation of an emergency appropriation for the purpose above-mentioned; and
WHEREAS, by the Hess Settlement Agreement signed May 1, 2013, from the Hess Corporation/Hess NEC, LLC, the City of Newark has reached an agreement in the amount of $5,000,000.00 to be held in a Dedicated Escrow account to fund reconstruction of the Ironbound Stadium; and
WHEREAS, N.J.S.A. 40A: 4-20 provides that the Governing Body by a two-thirds vote may make temporary emergency appropriations for any purpose for which appropriations may lawfully be made for the period between the beginning of the current fiscal year and the date of the adoption of the budget for said year; and
WHEREAS, emergency appropriation adopted in 2014, pursuant to N.J.S.A. 40A: 4-20 inc...
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