Title
Dept/ Agency: Administration/Office of the Business Administrator
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Accepting a Donation/Gift
Gift: $13,458.82
Purpose: Acceptance of charitable gift from The Prudential Insurance Company of America in the amount of $13,458.82 remaining in a Development Agreement escrow account
Entity Name: The Prudential Insurance Company of America
Entity Address: 751 Broad Street, Newark, New Jersey 07102
Gift Value: $13,458.82
City Contribution: $0.00
Other Funding Source/Amount: N/A
Contract Period: N/A
Additional Information:
Body
WHEREAS, The Prudential Insurance Company of America ("Prudential") received approval for, and commenced the construction of, a three (3)-phased development on property designated as Block 51 and Block 52 on the Tax Map of the City of Newark ("Property"). Prudential completed (i) the Phase 1 development of a 20-story office building along with an accessory parking garage and retail space on Block 51 ("Phase 1 Development"), which is bordered by Broad Street, Halsey Street, New Street, and (former) West Park Street, and (ii) the Phase 2 development consisting of demolition of some of the existing structures located on Block 52 and the construction and/or improvement of retail uses along portions of Broad and Halsey Streets on Block 52. The remainder of Block 52 was developed with a short-term surface parking lot and will be maintained as green open space until such time as Phase 3 may be developed; and
WHEREAS, to construct the Phase 1 Development, Prudential needed to acquire certain properties owned by the City and identified as Block 51, Lots 1, 49, 50 and 59 (collectively, the "City Lots"); and
WHEREAS, Prudential and the City entered into a written Development Agreement dated as of June 26, 2012 ("Development Agreement"), and under Section 4.6 thereof, Prudential agreed to reimburse the City for l...
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