Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to the Department of Community Affairs for Funding
Name of Project(s): South Ward Streetscape Improvement Project
Amount to be Financed: $249,400.00
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/ACCEPTANCE OF AN APPLICATION TO THE NEW JERSEY URBAN ENTERPRISE ZONE AUTHORITY FOR THE NEWARK UEZ SOUTH WARD STREETSCAPE IMPROVEMENT PROJECT.
Additional Information:
Invest Newark will act as the City's Zone Development Corporation.
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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 businesses to develop and create private sector jobs through public and private investment; and
WHEREAS, N.J.S.A. 52:27H-72 extends the effective date of the City of Newark's ("City's") Urban Enterprise Zone (UEZ) designation; 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 the "zone assistance funds" derived therefrom; and
WHEREAS, the Ordinance authorizes the Newark Municipal Council and Invest Newark to undertake economic development projects in the enterprise zone and to fund those projects from the City's zone...
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