Title
Dept/ Agency: Economic and Housing Development
Action: ( X ) Ratifying (X) Authorizing ( X ) Amending
Type of Service: Exception to Public Bidding - [Local Redevelopment and Housing Law]
Purpose: Amendment to Resolution 7R1-a, which was adopted on November 2, 2016, pursuant to the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. instead of the Extraordinary Unspecified Services exception Local Public Contracts Law, N.J.S.A. 40A:11-5(1)(a)(i) and proposes the approval of the Second Amendment and Restated Agreement.
Entity Name: Newark Community Economic Development Corporation
Entity Address: 111 Mulberry Street, Market Street LL Suite, Newark, New Jersey 07102
Contract Amount: $10,000,000.00
Funding Source: : City Capital Funds
Contract Period: September 1, 2015 through December 31, 2017
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:
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WHEREAS, Newark Community Economic Development Corporation ("Newark CEDC"), formerly Brick City Development Corporation, 111 Mulberry Street, Market Street LL Suite, Newark, New Jersey 07102, was formed for the purpose of the receipt and administration of funds for charitable purposes and the performance of activities pertaining to economic development within the City, including development of residential, commercial, industrial, and other real estate in a manner beneficial to the City, all as more specifically set forth in Newark CEDC's Certificate of Incorporation; and
WHEREAS, on November 2, 2016, the Municipal Council adopted a Resolution 7R1-a for the Amendment to the Funding Agreement with the Newark Community Economic Development Corporation, pursuant to the Extraordinary Unspecified Services exception of Local Public Contracts Law,...
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