Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to the New Jersey Urban Enterprise Zone Authority (UEZ)
Name of Project(s): Newark UEZ Administrative Budget CY 2027
Amount to be Financed: Not to exceed $880,020.00
Funding Source: UEZ Funds
Local Finance Board meeting date(s): N/A
Project Information:
Additional Information: 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 Newark UEZ Administrative Budget Cycle 2027: January -1-2027 To December-31-2027
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WHEREAS, on August 15, 1983, the State of New Jersey enacted the New Jersey Urban Enterprise Zones Act, N.J.S.A. 52:27H-60 et seq. (the “Act”), to foster an economic climate that revitalizes designated urban communities and stimulates their growth by encouraging business development and private sector job creation through public and private investment; and
WHEREAS, pursuant to N.J.S.A. 52:27H-67, Resolution 7R6-a(S) adopted on December 10, 2019, and Resolution 6PSF-b adopted on June 30, 2020, the City designated Invest Newark, a New Jersey nonprofit corporation (and/or its predecessors-in-interest) as the “Zone Development Corporation” for the purpose of operating, administering, managing, and monitoring the City’s Urban Enterprise Zone Program and the “Zone Assistance Funds” derived therefrom; and
WHEREAS, the City of Newark in coordination with Invest Newark has prepared a proposal for submission to the New Jersey Urban Enterprise Zone Authority seeking funding for the Newark UEZ Administrative Budget CY 2027, covering the period January 1, 2027 through December 31, 2027; and
WHEREAS, said proposal and requested funds are to be expended for eligible administrative costs within the designated enterprise zone in the City of Newark, for the following project (the “Project”):
Project Amount Requested
Newark UEZ Administrative Budget FY 2027 Not to exceed $ 880,020.00
WHEREAS, pursuant to N.J.S.A 52:27H-88(c) in order to make funds available for the Project from monies deposited in the Enterprise Zone Assistance Fund, the governing body 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 approves the Project and authorizes Invest Newark, on behalf of the City of Newark, to submit an application to the New Jersey Department of Community Affairs, Urban Enterprise Zone Authority, requesting Enterprise Zone Assistance Funds in an amount not to exceed Eight Hundred Eighty Thousand Twenty Dollars ($880,020.00) from monies deposited in the Enterprise Zone Assistance Fund maintained by the State Treasurer.
2. The Newark Municipal Council hereby acknowledges and accepts that the New Jersey Urban Enterprise Zone Authority may approve funding in an amount greater than or less than the amount requested. Upon receipt of a Project Agreement from the New Jersey Urban Enterprise Zone Authority, the Newark Municipal Council further authorizes the execution of such Agreement and, upon receipt of a fully executed Agreement, further authorizes the expenditure of funds pursuant to the terms of the Agreement between the Newark UEZ and the New Jersey Urban Enterprise Zone Authority.
3. The appropriate City officials are hereby authorized to take all necessary actions and to execute any documents required to effectuate the purposes of this Resolution, consistent with applicable law.
STATEMENT
This Resolution approves and authorizes the submission of an application to the New Jersey Urban Enterprise Zone Authority for Enterprise Zone Assistance Funds in the amount not to exceed Eight Hundred Eighty Thousand Twenty Dollars ($880,020.00) to fund eligible administrative costs associated with the operation of the City of Newark’s Urban Enterprise Zone Program for Fiscal Year 2027, as permitted under the New Jersey Urban Enterprise Zones Act.