Title
Dept/ Agency: Administration/Office of Business Administrator
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: To mitigate the negative financial impact due to the Covid-19 public health emergency.
Entity Name: Greater Newark Tourism Improvement District Management Corporation d/b/a The Greater Newark Convention and Visitors Bureau
Entity Address: 58 Park Place, First Floor, Newark, New Jersey 07102
Grant Amount: $500,000.00
Funding Source: American Rescue Plan Act of 2021 - Department of Treasury Coronavirus State and Local Fiscal Recovery Funds/NW051-G21-ARPK0-A-72090-B2021
Grant Period: Upon full execution of the Grant Agreement
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:
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WHEREAS, on March 10, 2021, the 117th Congress of the United States and President Joseph R. Biden officially enacted a $1.9 trillion stimulus package, the American Rescue Plan Act of 2021 ("ARPA"), in response to the economic crisis brought on by the ongoing Covid-19 pandemic; and
WHEREAS, on or about May 19, 2021, the City of Newark ("City") submitted an electronic portal application to the United States Department of Treasury for the American Rescue Plan Act of 2021 - Treasury's Coronavirus State and Local Fiscal Recovery Funds ("Application"), and was notified that the City was being awarded a total amount of $176,667,606.00 ("Award"); and
WHEREAS, on June 22, 2021, the Newark Municipal Council adopted Resolution 7R1-a(s), authorizing the City's submission of the Application and the acceptance of the Award; and
WHEREAS, the Award will help the City recover from the economic downturn experienced and mitigate the financial impact over the next four (4) years; ...
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