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, 2021 through December 31, 2023; 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 City-owned property located at 111 Mulberry Street, as its primary place of business from January 1, 2021 through December 31, 2023. Entity Name: Invest Newark Entity Address: 111 Mulberry Street, LL Suite, Newark, New Jersey 07102 Funding Amount: Not to exceed $5,000,000.000 annually for the duration of the term of the Use and Occupancy Agreement Contract Period: January 1, 2021 through December 31, 2023 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: The funding amount of ($5,000,000.00) is inclusive of ($3,000,000.00), as the administrator for the Land Bank, as Ordinance 6PSF-a adopted on April 7, 2020.