Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( X ) Amending
Type of Service: Loan Agreement
Purpose: Amendment
Entity Name: New Jersey Performing Arts Center Corporation ("NJPAC")
Entity Address: 1 Center St., Newark, NJ 07102
Contract Amount: $700,000.00
Funding Source: : New Jersey Urban Enterprise Zone Authority pursuant to Contract No. UEZA-06-25 dated August 10, 2005
Contract Period: Start and end dates
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:
Resolution 7RS 060706 authorized Loan Agreement and acceptance of Promissory Note
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WHEREAS, the Municipal Council adopted Resolution 7RS on June 7, 2006 which authorized the Mayor and/or his designee, the Business Administrator to enter into a Loan Agreement and accept a Promissory Note executed by the New Jersey Performing Arts Center Corporation ("NJPAC") for a predevelopment loan in the amount of $700,000.00 (the "Loan") to fund predevelopment activities associated with NJPAC's proposed mixed use development project; and
WHEREAS, on June 19, 2006, the City and NJPAC entered into the Loan Agreement and NJPAC executed a Promissory Note ("Note") in favor of the City for the purpose of setting forth the terms and conditions of the Loan, including but not limited to the conditions under which the Loan shall be repaid by NJPAC; and
WHEREAS, the source of funding for the City's Loan to NJPAC was the New Jersey Urban Enterprise Zone Authority ("NJUEZA") pursuant to Contract No. UEZA-06-25 executed by the City and NJUEZA dated August 10, 2005; and
WHEREAS, NJPAC agreed to repay the Loan at the rate of one percent (1%) per annum and the Promissory Note provided that the No...
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