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 assistanc...
Click here for full text