Title
Dept/ Agency: Administration/Office of Management & Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Budget Insertion
Purpose: To provide funds for various neighborhood projects and economic develop activities in the City of Newark.
Funding Source: Hess Corporation/Hess NEC, LLC
Appropriation Amount: $1,800,000.00
Budget Year: 2013
Contract Period: Until project completion
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
Additional Information:
Funds accepted by Resolution 7R3-D(AS)050212 and 7R7-a(S)032613
Operating Agency: Department of Economic and Housing Development
Two-Thirds vote of full membership required.
Invitation: Business Administrator and Director of Office of Management & Budget, November 6, 2013
body
BI-#5
WHEREAS, N.J.S.A 40A:4-87 provides that the Director of the Local Government Services may approve the insertion of any Special Item of Revenue in the budget of any local unit when such item shall have been made available by law and the amount thereof shall not have been determined at the time of the adoption of the budget, and may approve the insertion of an appropriation item of equal amount for the purpose of carrying out the purposes of the law making such item of revenue available for expenditure; and
WHEREAS, the Hess Corporation/Hess NEC, LLC has reached an agreement in the amount of $1,800,000.00 to fund various neighborhood projects; and
WHEREAS, by the Hess Settlement Agreement signed May 1, 2013, from the Hess Corporation/Hess NEC, the City of Newark has accepted an agreement in the amount of $1,800,000.00 to fund various neighborhood projects and economic development activities in the City of Newark.
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