Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to the New Jersey Urban Enterprise Zone Authority (UEZ)
Name of Project(s): Newark UEZ Administrative Budget CY 2027
Amount to be Financed: Not to exceed $880,020.00
Funding Source: UEZ Funds
Local Finance Board meeting date(s): N/A
Project Information:
Additional Information: Resolution Of The Newark Municipal Council Authorizing The Submission/Acceptance Of An Application To The New Jersey Urban Enterprise Zone Authority For Enterprise Zone Assistance Funds For The Newark UEZ Administrative Budget Cycle 2027: January -1-2027 To December-31-2027
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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 business development and private sector job creation through public and private investment; and
WHEREAS, pursuant to N.J.S.A. 52:27H-67, Resolution 7R6-a(S) adopted on December 10, 2019, and Resolution 6PSF-b adopted on June 30, 2020, the City designated Invest Newark, a New Jersey nonprofit corporation (and/or its predecessors-in-interest) as the “Zone Development Corporation” for the purpose of operating, administering, managing, and monitoring the City’s Urban Enterprise Zone Program and the “Zone Assistance Funds” derived therefrom; and
WHEREAS, the City of Newark in coordination with Invest Newark has prepared a proposal for submission to the New Jersey Urban Enterprise Zone Authority seeking funding for the Newark UEZ Administrative Budget CY 2027, covering the period January 1, 2027 through December 31, 2027; and
WHEREAS, said proposal and requested funds are to be expended for eligible admin...
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