Title
Dept/ Agency: Administration/Office of the Business Administrator
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Exception to Public Bidding - Extraordinary Unspecifiable Services
Purpose: Funding of Newark Community Economic Development Corporation
Entity Name: Newark Community Economic Development Corporation
Entity Address: 111 Mulberry Street, Market Street LL Suite, Newark, New Jersey 07102
Contract Amount: $3,000,000.00
Funding Source: Sale of Newark Property and Motor Vehicle Tax Revenue
Contract Period: January 1, 2018 through December 31, 2020
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. (X) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
Additional Information:
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WHEREAS, Newark Community Economic Development Corporation ("Newark CEDC"), formerly Brick City Development Corporation, t 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 Newark CEDC's Certificate of Incorporation; and
WHEREAS, the Parties recognize that Newark CEDC is the City's Economic Development arm; and
WHEREAS, the services to be provided by Newark CEDC to the City were originally outlined in a Funding Agreement, which was authorized by Municipal Council by Resolution 7R3-j(AS), adopted on July 1, 2009 (the "2009 Funding Agreement"); and
WHEREAS, in or around late 2014, Newark CEDC underwent a period of reorganization and reconstruction; and
WHEREAS, the City determined after inves...
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