Resolution of the City of Jersey City, N.J.

Resolution of the City of Jersey City, N.J.City Clerk File No.Agenda No.Approved:Res. 09-89710.ZOCT 2 8 2009TITLE:A RESOLUTION ENDORSING A ONE MILLION DOLLAR RELOCATIONGRANT FROM URBAN ENTERPRISE FUNDS TO DEPOSITORY TRUST ANDCLEARING CORPORATION (DTCC)WHEREAS, The City of Jersey City has entered into a memorandum ofunderstanding with DTCC for its relocation to 570 Washington Boulevard locatedwithin Jersey City's Urban Enterprise Zone; andWHEREAS; DTCC will have expenditures of forty - five million ($45,000,000.00)dollars to retrofit and equip the location and employee 1600 at an average salaryof one hundred and thirty thousand dollars ($130,000.00); andWHEREAS; A Fiscal Impact Study of DTCC's relocation was completed and isattached; andWHEREAS, the administration is seeking endorsement of the municipal councilfor a one million dollar ($1,000,000.00) Relocation Grant to offset a partial costDTCC's cost of relocation to the City; andWHEREAS, the Urban Enterprise Zone shall make application to the UrbanEnterprise Zone Authority in 2012 for said funds to be paid in annual TwoHundred Fifty Thousand Dollars ($250,000.00) installments over a four yearperiod with first installment to be funded upon issuance of a TemporaryCertificate of Occupancy for a majority of the Premises, which the partiesestimate to be on or about January 2, 2013; andWHEREAS, DTCC acknowledges that said Grant is subject to approval by theCity Council and the Urban Enterprise Zone Authority of the State of New Jersey(UEZA) and agrees to submit any documentation reasonably required in order forsuch grant to be approved: andWHEREAS, the City administration agrees to include or cause to be included inthe conditions of the Grant, to be set forth in a Grant Agreement that:1.There shall be no reduction in the amount of a grant installment paymentunless the number of Jersey City based DTCC employees shall have fallen toless than 1000, in whict: event the amount of that annual Grant installmentpaymentshall be reduced by a percentage amount equal to 100 minus 100 timesthe quotient of the number of Jersey City based DTCC employees divided by1000; provided, however, that in the event that the number of employees hasbeen increased to or above 1000 in any subsequent year, there shall be noreduction in the Grant installment payment payable in such year.2. The Chief Financial Offcer or other appropriate offcer of DTCC withknowledge of human resources and payroll information shall provide the City withan annual certification thirt (30) das prior to the annual Grant installmentpayment date that certifies the number of Jersey City based DTCC employeesand the amount of the Grant installment payment due, calculated pursuant to theformula set forth in subparagraph (i) above (Certification).3.The second, third and fourth annual Grant payment installments shall bedisbursed automatically on the schedule set forth above provided that theCertification is timely delivered.