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 FY 2026
Amount to be Financed: $811,577.00
Funding Source: UEZ Funds
Local Finance Board meeting date(s): N/A
Project Information:
Project Information: Newark UEZ Administrative Budget FY 2026 (Project Period: FY 2026, July 1, 2025 through June 30, 2026)
Additional Information:
body
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 FY 2026, covering the period July 1, 2025 through June 30 2026; 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 2026 $ 811,577.00
WHEREAS, pursuant to NJSA 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 the submission by Invest Newark on behalf of the City of Newark, of an application to the New Jersey Department of Community Affair’s, Urban Enterprise Zone Authority, requesting Enterprise Zone Assistance Funds in the amount of $811,577.00, from monies deposited in the Enterprise Zone Assistance Fund maintained by the State Treasurer.
2. 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 of $811,577.00 to fund eligible administrative costs associated with the operation of the City of Newark’s Urban Enterprise Zone Program for Fiscal Year 2026, as permitted under the New Jersey Urban Enterprise Zones Act.