Dept./ Agency: Economic and Housing Development Action: (X ) Ratifying (X) Authorizing ( ) Amending Type of Service: Funding Agreement Purpose: To authorize the execution of 1) a Funding Agreement between the City of Newark and Invest Newark under which the City will provide funding to Invest Newark for economic development and redevelopment related activities from January 1, 2025 through December 31, 2027; and 2) to authorize the execution of a Use And Occupancy Agreement, attached to the Funding Agreement as Exhibit B, for Invest Newark’s use and occupancy of the City-owned property located at 111 Mulberry Street, Newark, New Jersey as its primary place of business from January 1, 2025 through December 31, 2027. Entity Name: Invest Newark, a NJ Non-Profit Corporation Entity Address: 111 Mulberry Street, Lower Level, Newark, New Jersey 07102 Funding Amount: Not to exceed $3,500,000.00 for 2025; $3,000,000.00 for 2026 and 2027 Contract Period: January 1, 2025 through December 31, 2027 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:

What this record is

Held by

NJ Non-Profit Corporation 4 records across this site

Amount

$3.50M

Runs until

December 31, 2027 1 years away date quoted from the award document

Type

amendment

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NJ Non-Profit Corporation also holds

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Private Sale/Redevelopment Purpose:… $25K Newark, NJ Dept./ Agency: Recreation, Cultural Affairs and Senior Services Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Memorandum of Unde… Newark, NJ Dept./ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Subordination Agreement to facilit… Newark, NJ

Committee

Economic and Housing Development

Introduced

February 4, 2025

On agenda

February 19, 2025

Passed

February 19, 2025

Where it was heard

Municipal Council Feb 19, 2025 Adopt Pass

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