Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application to the Department of Community Affairs for Funding
Purpose: 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 Citywide Fa?ade Improvement Grant Project
Entity Name: Invest Newark
Entity Address: 111 Mulberry Street, Newark, New Jersey 07102
Additional Information:
State of New Jersey UEZ Funds
body
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, the City of Newark (the "City") was designated as an Urban Enterprise Zone("UEZ") under the UEZ Program, and said designation remains effective pursuant to N.J.S.A. 52:27H-72; and
WHEREAS, pursuant to N.J.S.A. 52:27H-67 and Ordinance 6PSF-b adopted by the Municipal Council on June 24, 2020 ("Ordinance"), the City designated Invest Newark, A NJ Nonprofit Corporation (and/or its predecessors-in-interest) as the "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 provides that the Newark Municipal Council and Invest Newark may propose to undertake economic development projects in the enterprise zone and to fund those projects from the City's zone assistance allocation pursuant to N.J.S.A. 52:27H-88; and
WHEREAS, funds from Fiscal Year 2023 are available from said allocation in the amount ofSeven Million Six Hundred Fifty-Five Thousand Seventy-Nine Dollars and...
Click here for full text