Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application/Acceptance of Grant Funds
Purpose: Acceptance of $7,470,560.00 of Zone Assistance Funds and Transfer thereof to the Zone Development Corporation
Entity Name: Urban Enterprise Zone Authority
Entity Address: 101 South Broad Street, First Floor, Trenton, New Jersey 08625-0822
Grant Amount: $7,470,560.00
Total Project Cost: $7,470,560.00
City Contribution: $0.00
Other Funding Source/Amount:
Grant Period: State FY 2025
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( X ) Grant ( ) Sub-recipient ( ) n/a
Additional Information:
Allocated pursuant to N.J.S.A. 52:27H-88
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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, N.J.S.A. 52:27H-72 extended the effective date of the City of Newark's ("City's") Urban Enterprise Zone ("UEZ") designation; 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 (the “Zone Development Corporation") as the City's zone development corporation for the purpose of operating, administrating, managing, and monitoring the City's Urban Enterprise Zone Program and the "zone assistance funds" derived therefrom; and
WHEREAS, pursuant to N.J.S.A. 52:27H-88, the State of New Jersey Urban Enterprise Zone Authority (“UEZA”) advised the City that our UEZ’s Fiscal Year 2025 (“FY2025”) Zone Assistance Fund is $7,470,560.00.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Mayor of the City of Newark, and/or his designee, the Acting Director of the Department of Finance, are hereby authorized to accept the FY2025 Zone Assistance Fund from the UEZA in the amount of Seven Million Four Hundred Seventy Thousand Five Hundred Sixty Dollars ($7,470,560.00) as said amount may be granted after approval by the UEZ on a project-by-project basis.
2. The City of Newark does hereby authorize transfer of the FY2025 Zone Assistance Fund Amount to the Zone Development Corporation after approval, on a project-by-project basis, by Resolution of the Board of Directors of the Zone Development Corporation, by Resolution of City Council, and by the UEZA.
STATEMENT
This Resolution authorizes the Mayor of the City of Newark, and/or his designee, the Acting Director of the Department of Finance, to accept the Fiscal Year 2025 Zone Assistance Fund amount allocated to the City of Newark’s Urban Enterprise Zone pursuant to N.J.S.A. 52:27H-88