Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Allocation of proceeds from Motor Vehicle Rental Tax Fund
Purpose: Use of tax proceeds collected from the Motor Vehicle Rental Tax imposed by the City of Newark to fund: (1) the City of Newark’s redevelopment related activities relating to the acquisition of abandoned propertied as authorized by the Abandoned Properties Rehabilitation Act (APRA); and (2) redevelopment activities in connection with the City’s Clean and Green Program to rehabilitate vacant lots; and (3) redevelopment activities undertaken by Brick City Development Corporation.
Entity Name: City of Newark Finance Department/Motor Vehicle Rental Tax
Entity Address: (n/a)
Allocation Amount: (1) Abandoned Property Initiative $4,000,000; and (2) Clean and Green Program $4,000,000; and (3) BCDC Funding $4,000,000.
Funding Source: Motor Vehicle Rental Tax
Contract Period:
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( X ) n/a
Additional Information:
Resolution # 7RDO(AS) 061505, designated City of Newark an “Area in Need of Rehabilitation”.
Resolution# 7RE(S-2) 060107, authorized a Funding Agreement with Brick City Development Corporation.
Ordinance# 6PSF-I 050510, authorized a Motor Vehicle Rental Tax
Ordinance# 6PSF-D 122111, authorized the City’s Acquisition of Abandoned Property.
Invitation: Director of Economic & Housing Development and Corporation Counsel, July 31, 2012
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WHEREAS, N.J.S.A. 40:48H-1 et seq. (the “Municipal Motor Vehicle Rental Tax Law”) authorizes qualifying municipalities to impose, by ordinance, a tax upon motor vehicle rental transactions occurring within designate...
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