File #: 23-1512    Version: 1 Name: Resolution: Application to DCA for UEZ Funds - Fiber Expansion
Type: Resolution Status: Adopted
File created: 9/18/2023 In control: Finance
On agenda: 10/18/2023 Final action: 10/18/2023
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 Enterprise Zone Assistance Funds for the Fiber Expansion Project. Entity Name: Invest Newark Entity Address: 111 Mulberry Street, Newark, New Jersey 07102 Additional Information:
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 Enterprise Zone Assistance Funds for the Fiber Expansion Project.
Entity Name: Invest Newark
Entity Address: 111 Mulberry Street, Newark, New Jersey 07102
Additional Information:

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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, the City of Newark (the "City") was designated as an Urban Enterprise Zone ("UEZ") under the UEZ Program and the current designation as an UEZ expires on or about December 31, 2023; and

WHEREAS, pursuant to N.J.S.A. 52:27H-67, Resolution 7R6-a(S) adopted on December 10, 2019, and Ordinance 6PSF-b adopted on June 24, 2020, 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 inter alia the Newark Municipal Council and Invest Newark may propose to undertake economic development projects in the enterprise zone and to fund those projects and credit them to the account maintained by Invest Newark for the UEZ, pursuant to N.J.S.A. 52:27H-88; and

WHEREAS, funds from Fiscal Year 2022 are available from the New Jersey Department of Community Affairs (the...

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