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AN ORDINANCE AUTHORIZING AMENDMENTS TO THE BYLAWS OF INVEST NEWARK, A NEW JERSEY NON-PROFIT ORGANIZATION CREATED BY THE CITY OF NEWARK.
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WHEREAS, the Brick City Development Corporation ("BCDC") is a non-profit corporation created by the City of Newark ("City") to carry out on the City's behalf various activities pertaining to economic development and redevelopment; and
WHEREAS, by Certificate of Amendment filed with the New Jersey State Department of the Treasury, Division of Revenue Services (Division) on December 03, 2014, BCDC changed its name to the Newark Community Economic Development Corporation ("NCEDC"); and
WHEREAS, by Certificate of Amendment filed with the Division on October 07, 2019, NCECD thereafter changed its name to Invest Newark, a New Jersey Non-Profit Corporation ("Invest Newark"); and
WHEREAS, on January 08, 2020, the Municipal Council adopted Ordinance 6PSFB retroactively authorizing and approving the aforementioned corporate name changes; and
WHEREAS, on February 20, 2015, NCECD filed a copy of the "Bylaws of the Newark Community Economic Development Corporation" ("2015 Bylaws") in the Office of the City Clerk, which bylaws devolved upon Invest Newark as a matter of law; and
WHEREAS, to modernize its governance provisions, clarify its director terms and qualifications, and refine its committee structure, the Board of Invest Newark desires to amend the 2015 Bylaws; and
`WHEREAS, pursuant to Ordinance 6PSF-h adopted by the Municipal Council on October 03, 2012, all changes or amendments to the charters or bylaws of entities legislatively created by the City are subject to the Municipal Council's prior approval.
`NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY THAT:
1. Pursuant to Ordinance 6PSF-h October 03, 2012, the amended bylaws of Invest Newark, a New Jersey Non-Profit Corporation (Invest Newark), are hereby authorized and appro...
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