Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Memorandum of Understanding between Ports America Group, Inc. and the City of Newark Purpose: To authorize a Memorandum of Understanding (MOU) and Funding Agreement. Entity Name: Ports America Group, Inc. Entity Address: 525 Washington Boulevard, Suite 1660, Jersey City, New Jersey 07310 Operating Budget: N/A Funding Source: Ports America Funding Agreement Contract Period: Commences upon execution of the MOU and terminates in two (2) years 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: No municipal funds or commitment of municipal resources are required to effectuate this Memorandum of Understanding.