Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to the Department of Community Affairs (DCA) for the use of UEZ Funds
Name of Project(s): Newark UEZ FY26 Public Safety Project
Amount to be Financed: $2,028,943.00
Funding Source: DCA UEZ Program
Local Finance Board meeting date(s): N/A
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
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 FY26 Public Safety Project
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 pursuant to N.J.S.A. 52:27H-72, the designation shall remain effective until the end of the 10th State fiscal year next following the effective date of P.L. 2021, c.197; and
WHEREAS, pursuant to N.J.S.A. 52:27H-67, 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 ma...
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