Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Funding Agreement
Purpose: To authorize the execution of:
1) a Funding Agreement between the City of Newark and Invest Newark under which the City will provide funding to Invest Newark for economic development and redevelopment related activities from January 1, 2021 through December 31, 2023; and
2) to authorize the execution of a Use and Occupancy Agreement, attached to the Funding Agreement as Exhibit B, for Invest Newark's use and occupancy of City-owned property located at 111 Mulberry Street, as its primary place of business from January 1, 2021 through December 31, 2023.
Entity Name: Invest Newark
Entity Address: 111 Mulberry Street, LL Suite, Newark, New Jersey 07102
Funding Amount: Not to exceed $5,000,000.000 annually for the duration of the term of the Use and Occupancy Agreement
Contract Period: January 1, 2021 through December 31, 2023
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:
The funding amount of ($5,000,000.00) is inclusive of ($3,000,000.00), as the administrator for the Land Bank, as Ordinance 6PSF-a adopted on April 7, 2020.
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WHEREAS, Invest Newark, formerly Newark Community Economic Development Corporation ("Newark CEDC"), 111 Mulberry Street, Market Street LL Suite, Newark, New Jersey 07102, was formed for the purpose of the receipt and administration of funds for charitable purposes and the performance of activities pertaining to economic development within the City, including development of residential, commercial, industrial, and other real estate in a manner beneficial to the City, all as more specifically set forth in Invest Newark's Certificate of Incorporation; and
WH...
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