Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying ( x ) Authorizing ( ) Amending
Type of Service: Funding and Escrow Agreement
Purpose: Funding and Escrow Agreement Between the City of Newark and Prudential Insurance Company of America, Devils Arena Entertainment LLC, Edison Properties, LLC and its affiliates, and J&L Companies and its affiliates
Entity Name: Devils Arena Entertainment LLC, Edison Properties, LLC and its affiliates, and J&L Companies and its affiliates
Entity Address: 25 Lafayette Street, Newark, New Jersey 07102
Contract Amount: N/A
Funding Source:
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( X ) n/a
List of Property:
(Address/Block/Lot/Ward)
Market Street on the North,
Green Street on the South,
McCarter Highway on the East,
Broad Street on the West,
Including the Prudential Center
("Mulberry Commons Area")
body
WHEREAS, the City of Newark (the "City") and Prudential Insurance Company of America, Devils Arena Entertainment LLC, Edison Properties, LLC and its affiliates, and J&L Companies and its affiliates (collectively, the "Parties") are owners or operators of numerous individually owned parcels (several of which are currently parking lots) and structures in the City, that span from Market Street on the North, Green street on the South, McCarter Highway on the East, and Broad Street on the West, including the Prudential Center, and are known and referred to herein as the "Mulberry Commons Area"; and
WHEREAS, in collaboration with each other, the Parties wish to investigate the development of a vision and Master Plan for the Mulberry Commons Area (the "Master Plan"); and
WHEREAS, Prudential, as the owner of a certain surface parking lot located off of Edison Place within the Mulberry Commons A...
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