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ORDINANCE DESIGNATING INVEST NEWARK AS THE ZONE DEVELOPMENT CORPORATION FOR THE CITY OF NEWARK AND ENABLE A SUBMISSION TO AMEND THE URBAN ENTERPRISE ZONE DEVELOPMENT PLAN ON BEHALF OF THE CITY OF NEWARK AND TO OPERATE, ADMINISTER, AND MANAGE, THE CITY'S URBAN ENTERPRISE ZONE PROGRAM (UEZ), UNTIL THE EXPIRATION OF THE CITY OF NEWARK'S URBAN ENTERPRISE DESIGNATION ON DECMBER 31, 2023, IN ACCORDANCE WITH N.J.S.A. 52:27H-60, ET SEQ. AND ENABLE INVEST NEWARK TO ADMINISTER, ALLOCATE, AND APPROVE THE USE OF UEZ LOAN FUNDS UNDER ITS CONTROL, PURSUANT TO N.J.S.A. 52:27H-60, ET SEQ.
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WHEREAS, on August 15, 1983, the State of New Jersey, pursuant to N.J.S.A. 52:27H-60, et seq., enacted the New Jersey Urban Enterprise Zones Act (the "Act"), to be run by New Jersey Department of Community Affairs; and
WHEREAS, the UEZ Program was created 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, the City of Newark (the "City") was designated as an Urban Enterprise Zone under the UEZ Program and the current designation as an Urban Enterprise Zone expires on or about December 31, 2023; and
WHEREAS, pursuant to N.J.S.A. 52:27H-67, the City wishes to designate Invest Newark, a nonprofit corporation established pursuant to the provisions of Title 15A of the New Jersey Statutes, to act as the "Zone Development Corporation" and to develop as necessary an amended zone development plan, subject to the approval of the Municipal Council; and
WHEREAS, Invest Newark formerly known as Newark Community Economic Development Corporation ("Newark CEDC"), 111 Mulberry Street, LL Suite, Newark, New Jersey 07102, has been recognized as the City's Economic Development Corporation to provide economic development assistance and services on behalf of the City; and
WHEREAS, the City w...
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