Title
Dept/ Agency: Law
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Pre-Litigation Settlement of Claim
Docket No.:
Claimant: NW Financial Group, LLC
Claimant's Representative: Timothy S. Eismeier, Managing Director
Attorney's Address: 2 Hudson Place, 3rd Floor, Hoboken, New Jersey 07030
Settlement Amount: $318,755.61
Funding Source: Judgment Fund
Additional Comments:
Invitation: Corporation Counsel
body
WHEREAS, the City of Newark has had a need for Municipal Financial Advisor services; and
WHEREAS, NW Financial Group, LLC, 2 Hudson Place, 3rd Floor, Hoboken, New Jersey 07030 is an entity that provides Financial Advisor services to municipalities; and
WHEREAS, during 2019, NW Financial performed such Municipal Financial Advisor services for the City of Newark, and submitted to the City of Newark, Department of Finance invoices from January 1, 2019 through October 31, 2019 for service rendered as the City of Newark's Municipal Financial Advisor; and
WHEREAS, in an effort to avoid litigation for outstanding payment owed to NW Financial Group, LLC, the parties have agreed to resolve this matter without the need for litigation; and
WHEREAS, a proposal has been made to resolve this matter in its entirety by payment in the total amount of $318,755.61 (Three Hundred Eighteen Thousand Seven Hundred Fifty-Five Dollars and Sixty-One Cents)("Settlement Sum") and execution of the attached Settlement Agreement and General Release; and
WHEREAS, the Corporation Counsel based upon all facts and circumstances deems it in the best interest of the City of Newark to resolve said matter by payment of the proposed Settlement.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Corporation Counsel is hereby authorized on behalf of the City of Newark to execute and accept the terms of th...
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