Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to the Urban Enterprise Zone Authority within the Department of Community Affairs for Funding
Name of Project(s): Ferry Street Streetscape Improvement Project
Amount to be Financed: $476,783.00 not to exceed the total UEZ requested amount
Funding Source: UEZ Funds
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 of an Application/Acceptance to the New Jersey Urban Enterprise Zone Authority for Newark UEZ Ferry Street Streetscape Improvement Project.
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, the New Jersey Urban Enterprise Zone Authority (“UEZA”) has heretofore designated the City of Newark (“City”) as an Urban Enterprise Zone (“UEZ”); and
WHEREAS, pursuant to N.J.S.A. 52:27H-67 and Ordinance 6PSF-b (“Ordinance”) adopted on June 24, 2020, the City designated Invest Newark, a NJ Nonprofit 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 Program and enterprise zone assistance funds; and
WHEREAS, the Ordinance authorizes the Newark Municipal Council and Invest Newark to undertake economic development projects in the enterprise zone and to fund those projects from the City’s enterprise zone assistance fund allocation established pursuant to N.J.S.A. 52:27H-88; and
WHEREAS, funds from Fiscal Year 2023 are available from said allocation in the amount of Seven Million Six Hundred Fifty-Five Thousand Seventy-Nine Dollars and Zero Cents ($7,655,079.00), which funds, if awarded, must be obligated by June 30, 2025; and
WHEREAS, the Board of Invest Newark, on July 30, 2024, adopted Resolutions (attached hereto as Exhibit A) proposing the undertaking of the Newark UEZ Ferry Street Streetscape Improvement Project (“Project”), and recommending such proposal be jointly adopted by resolution of the Newark Municipal Council after public hearing; and
WHEREAS, the Project will repair, restore, and expand pavement, pavers, and reset tree grates on Ferry Street between Raymond Plaza East and Merchant Street, thereby (1) creating a safer, more attractive experience for customers visiting UEZ member businesses and (2) stimulating private sector job growth; and
WHEREAS, pursuant to N.J.S.A 52:27H-88(c), in order to obtain funds for the project from the City’s enterprise zone administrative assistance funds, the Municipal Council must must adopt a Resolution approving the project and authorizing the submission of the application for funding.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY THAT:
1. The Newark Municipal Council hereby authorizes and directs Invest Newark to submit an application for funding for the Newark UEZ Ferry Streetscape Improvement Project (“Project”) to the New Jersey Urban Enterprise Zone Authority (“UEZA”) not to exceed the total UEZ requested amount of Four-Hundred Seventy-Six Thousand Seven-Hundred Eighty-Three Dollars and Zero Cents ($476,783.00).
2. If the UEZA authorizes said funding, Invest Newark shall allocate the funds to the Project.
3. Any funds are awarded from Fiscal Year 2023 funds shall be obligated by June 30, 2025.
4. Invest Newark shall keep all records relating to the Project and shall provide the City a reporting upon request from the City’s Business Administrator.
5. Pursuant to N.J.S.A. 52:15c-14(d) and N.J.A.C. 17:44-2.2, Invest Newark shall maintain all documents related to this Project, transactions, for a period of five (5) years from the date of the final disposition of Project-related funds from the UEZA.
6. A copy of any contracts executed in connection with the Project shall be filed in the Office of the City Clerk.
STATEMENT
This Resolution authorizes the submission/acceptance of an application to the New Jersey Urban Enterprise Zone Authority for enterprise zone assistance funds for the Newark UEZ Ferry Street Streetscape Improvement Project not to exceed the total UEZ requested amount of $476,783.00. The Project will repair, restore, and expand pavement, pavers, and reset tree grates on Ferry Street between Raymond Plaza East and Merchant Street, thereby creating a safer, and more attractive experience for customers visiting UEZ member businesses and stimulating private sector job growth.