Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Memorandum of Understanding between Ports America Group, Inc. and the City of Newark
Purpose: To authorize a Memorandum of Understanding (MOU) and Funding Agreement.
Entity Name: Ports America Group, Inc.
Entity Address: 525 Washington Boulevard, Suite 1660, Jersey City, New Jersey 07310
Operating Budget: N/A
Funding Source: Ports America Funding Agreement
Contract Period: Commences upon execution of the MOU and terminates in two (2) years
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:
No municipal funds or commitment of municipal resources are required to effectuate this Memorandum of Understanding.
body
WHEREAS, the City of Newark ("City") is the owner of the land upon which Ports America Group, Inc. ("Ports America"), and its affiliated entities developed, maintain, manage and operate a 297-acre state-of-the-art marine container terminal, handling more than 2.1 million twenty-foot equivalent containers. Such land is leased to the Port Authority of New York and New Jersey (the "Port Authority") and subleased by the Port Authority to Ports America; and
WHEREAS, the Port Authority recently released the PANYNJ Port Master Plan 2050 (the "Master Plan"), which contemplates future expansion of port facilities at the Port of New York and New Jersey including, but not limited to, the Port Newark Peninsula for container terminal operations; and
WHEREAS, Ports America currently operates a container facility located on City-owned property; and
WHEREAS, building upon ...
Click here for full text