Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to the Department of Community Affairs for UEZ Funding.
Name of Project(s): UEZ Administrative Budget
Amount to be Financed: $720,000.00
Funding Source: Urban Enterprise Zone (UEZ)
Local Finance Board Meeting Date(s): Not Applicable
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE NEWARK MUNICIPAL COUNCIL AUTHORIZING THE SUBMISSION/ACCEPTANCE OF AN APPLICATION TO THE NEW JERSEY URBAN ENTERPRISE ZONE AUTHORITY FOR ENTERPRISE ZONE ASSISTANCE FUNDS FOR THE FY 2024 UEZ ADMINISTRATIVE BUDGET.
Additional Information:
Invest Newark
body
WHEREAS, on August 15, 1983, the State of New Jersey enacted the New Jersey Urban Enterprise Zones Act, P.L. 1983, c. 303 (N.J.S.A. 52:27H-60 et seq.) to foster an economic climate that revitalizes designated urban communities and stimulates their growth by encouraging businesses to develop and create private sector jobs through public and private investment; and
WHEREAS, pursuant to N.J.S.A. 52:27H-67 and Ordinance 6PSF-b adopted on June 24, 2020, the City of Newark (the “City”) designated Invest Newark, a NJ Non-profit Corporation (“Invest Newark”) as the City’s “zone development corporation” for the purpose of operating, administrating, managing, and monitoring the City’s Urban Enterprise Zone (“UEZ”) Program and zone assistance funds; and
WHEREAS, the City and Invest Newark, by resolution jointly adopted after public hearing have prepared for submission to the New Jersey Urban Enterprise Zone Authority (“UEZA”) an updated Zone Development Plan for undertaking economic development projects; and
WHEREAS, N.J.S.A. 52:27H-88 authorizes the City in undertaking such economic development projects to allocate for administrative expenses an amount up to ten percent of the City’s zone assistance fund allocation; and
WHEREAS, the updated Zone Development Plan will entail administrative expenses of Seven Hundred Twenty Thousand Dollars and Zero Cents ($720,000.00).
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY THAT:
1. As a part of the City of Newark’s application for zone assistance funds, Invest Newark is authorized to submit to New Jersey’s Urban Enterprise Zone Authority for review and approval the City’s proposed administrative budget in the amount of Seven Hundred Twenty Thousand Dollars and Zero Cents ($720,000.00) to be funded from monies deposited in the Enterprise Zone Assistance Fund.
STATEMENT
Resolution authorizing the submission/acceptance of an application to the New Jersey Urban Enterprise Zone Authority for the Enterprise Zone Assistance Funds for administrative costs permitted under the UEZ statute.