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 FY 2026
Amount to be Financed: $811,577.00
Funding Source: UEZ Funds
Local Finance Board meeting date(s): N/A
Project Information:
Project Information: Newark UEZ Administrative Budget FY 2026 (Project Period: FY 2026, July 1, 2025 through June 30, 2026)
Additional Information:
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 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 FY 2026, covering the period July 1, 2025 through June 30 2026; and
WHEREAS, said proposal and requested funds are to be expended for eligible administrative costs within the designated enterprise zone in the City of Newark, for the following project (the "Project"):
Project Amount Req...
Click here for full text