Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to the Urban Enterprise Zone Authority for funding to create a Updated Preliminary Zone Development Plan.
Name of Project(s): Zone Development Plan
Amount to be Financed: $125,000.00
Funding Source: UEZ Funds
Local Finance Board Meeting Date(s): Not Applicable
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
Resolution Authorizing Invest Newark to issue a Request For Proposals to create an Updated Zone Development Plain, pursuant To N.J.S.A. 52:27H-68.
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 Program and zone assistance funds; and
WHEREAS, N.J.S.A. 52:27H-68 requires municipalities with Zone Development Plans approved by New Jersey’s Urban Enterprise Zone Authority (“UEZA”) more than five (5) years before the effective date of P.L. 2021, c. 197 (August 17, 2021) to submit an updated Preliminary Zone Development Plan; and
WHEREAS, N.J.S.A. 52:27H-68 b(1) permits the City to request from the UEZA an amount not to exceed ten (10%) percent of the its zone assistance fund allocation or One Hundred Twenty-Five Thousand Dollars and Zero Cents ($125,000.00), whichever is greater, to fund the costs associated with formulating a Preliminary Zone Development Plan; and
WHEREAS, such requested amount may include funds to be used to pay employees or to retain a consultant to formulate the zone development plan, provided that, prior to soliciting said consultant, the Governing Body shall submit the proposed solicitation to the UEZA for review; and
WHEREAS, on July 30, 2024 the Board of Directors of Invest Newark adopted Resolutions seeking Municipal Council approval to submit a proposed solicitation to the UEZA; and
WHEREAS, Invest Newark desires to issue a Request for Proposals to solicit a consultant to assist in formulating the updated Zone Development Plan with zone assistance funds.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY THAT:
1. Invest Newark is authorized to: (1) prepare a Request for Proposal (“RFP”) for the solicitation of a consultant to assist with the formulation of an updated Preliminary Zone Development Plan to: (2) submit said RFP to New Jersey’s Urban Enterprise Zone Authority (“UEZA”) for review; and to (3) issue said RFP upon completion of said review.
2. On behalf of the Governing Body, Invest Newark is further authorized to request from the UEZA an amount not to exceed ten (10%) percent of the City of Newark’s zone assistance fund allocation or $125,000.00, whichever is greater, to fund, in whole or in part, the costs associated with the formulating the updated Zone Development Plan.
STATEMENT
Resolution authorizing the submission/acceptance of an application to the New Jersey Urban Enterprise Zone Authority for the urban enterprise zone assistance Fund for the hiring of a consultant and the creation an updated Zone Development Plan, pursuant to the Urban Enterprise Zone Act.