Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to the Urban Enterprise Zone Authority within the Department of Community Affairs for Funding
Name of Project(s): Ferry Street Streetscape Improvement Project
Amount to be Financed: $476,783.00 not to exceed the total UEZ requested amount
Funding Source: UEZ Funds
Local Finance Board meeting date(s): Not Applicable
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
Resolution of the Newark Municipal Council authorizing the submission of an Application/Acceptance to the New Jersey Urban Enterprise Zone Authority for Newark UEZ Ferry Street Streetscape Improvement Project.
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, the New Jersey Urban Enterprise Zone Authority ("UEZA") has heretofore designated the City of Newark ("City") as an Urban Enterprise Zone ("UEZ"); 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 ("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 enterprise zone assistance funds; and
WHEREAS, the Ordinance authorizes the Newark Municipal Council and Invest Newark to undertake economic development projects in the enterprise zone and to fu...
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