Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: To grant financial assistance for the making of opportunistic investments in value-added small businesses and real estate projects within the City of Newark.
Entity Name: New Jersey 40 Acres and a Mule Fund, a New Jersey Non-profit Corporation
Entity Address: 111 Mulberry Street, Lower Level, Newark, New Jersey 07102
Grant Amount: $2,000,000.00
Total Project Cost: Not Applicable
City Contribution: $0.00
Other Funding Source Amount: Not Applicable
Grant Period: Commencing upon the full execution of the Grant Agreement and expiring one (1) year from full execution of the Grant Agreement
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale (X) Grant ( ) Sub-recipient ( ) n/a
List of Property: (if applicable)
(Address/Block/Lot/Ward)
Additional Information:
body
WHEREAS, the Municipal Council encourages and supports the making of opportunistic investments in value-added small businesses and real estate projects; and
WHEREAS, the New Jersey 40 Acres and a Mule Fund, a New Jersey Non-Profit Corporation, 111 Mulberry Street, Lower Level, Newark, New Jersey 07102 (the "NJ Fam Fund" and/or the "Grantee"), a New Jersey Non-Profit Corporation, is a private investment vehicle focused on making equity and debt investments in Black and Latinx businesses located or doing business within the State of New Jersey; and
WHEREAS, the New Jersey Fam Fund made a grant request in the amount of Two Million Dollars and Zero Cents ($2,000,000.00) from the City of Newark (the "City) in order to support the making of opportunistic investments in value-added small businesses and real estate projects that will scale and reduce the wealth, health, and social disparitie...
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