Title
Dept/ Agency: Law
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Continuation of Services and Confirmation of intent
Purpose: Authorizing the Director of Finance to return all loan and interest payments from the UEZ/BCDC GAP Financing Loan Program to Invest Newark for continuation of the Revolving Loan Program. This Resolution further authorizes Invest Newark to continue to provide the services previously undertaken by Newark CEDC and Brick City Development Corporation in relation to the administration of the UEZ/BCDC GAP Financing Loan Program
Entity Name: Invest Newark
Additional Information:
Invitation: Corporation Counsel
body
WHEREAS, on August 15, 1983, pursuant to P.L. 1983, c. 303 (C. 52:27H-60, et seq.), the New Jersey Legislature enacted the New Jersey Urban Enterprise Zones Act (the "Act"), to be run by New Jersey Department of Community Affairs; and
WHEREAS, the UEZ Program was created 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, N.J.S.A. 52:27H-88 created an Enterprise Zone Assistance Fund to be used for the purpose of assisting qualifying municipalities in which enterprise zones are designated in undertaking public improvements, economic development projects and upgrading eligible municipal services in designated enterprise zones including the establishment of revolving loan or grant programs for qualified businesses in the zone to encourage private investment and job creation, matching grant programs or the establishment or operation of pedestrian malls, special improvement districts and tax increment districts or other appropriate entity; and
WHEREAS, Invest Newark, formerly, Newark Community Economic Development Corporation ("Newark CEDC"), formerly Brick City Development Corporatio...
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