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, 2025 through December 31, 2027; 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 the City-owned property located at 111 Mulberry Street, Newark, New Jersey as its primary place of business from January 1, 2025 through December 31, 2027.
Entity Name: Invest Newark, a NJ Non-Profit Corporation
Entity Address: 111 Mulberry Street, Lower Level, Newark, New Jersey 07102
Funding Amount: Not to exceed $3,500,000.00 for 2025; $3,000,000.00 for 2026 and 2027
Contract Period: January 1, 2025 through December 31, 2027
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:
body
WHEREAS, Invest Newark, a NJ Non-Profit Corporation ("Invest Newark") formerly Newark Community Economic Development Corporation ("Newark CEDC"), with offices at 111 Mulberry Street Lower Level, 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
WHEREAS, Invest Newark is the City of Newark's ("City") Economic...
Click here for full text