HomeMy Public PortalAboutr 18-046Psolutt of thP �Orliugh of C a N - -
No. 18-46
Date of Adoption Ftlr4gy22, 201
RESOLUTION OF THE BOROUGH OF CARTERET, IN THE
COUNTY OF MIDDLESEX ENDORSING REQUEST FOR
ECONOMIC OPPORTUNITY ZONE DESIGNATION
WHEREAS, the United States Congress recently enacted The Tax Cut and Jobs Act of
2017, H.R. 1 (the "Act "), which includes a new program for the promotion of community
development called "Opportunity Zones "; and
WHEREAS, this program allows investors to defer capital gains tax derived from the
sale or exchange of any property if those gains are reinvested in certified, qualified
opportunity funds investing in certain communities; and
WHEREAS, investment through this program will help developers close funding gaps
associated with particularly challenged projects; and
WHEREAS, the Governor of each State has until March 22, 2018 to nominate qualifying
population census tracts as Opportunity Zones and to notify the Secretary of Treasury of
such nominations; and
WHEREAS, the Borough desires to express its support for this important program and
proposes to request that the Governor nominate up to three (3) qualifying population
census tracts in Carteret.
NOW, THEREFORE, BE AND IT IS HEREBY RESOLVED by the Mayor and
Council of Borough of Carteret, in the County of Middlesex and the State of New Jersey,
as follows:
Section 1. The aforementioned recitals are incorporated herein as though fully
set forth at length.
Section 2. The Mayor is hereby authorized to request that the Governor
nominate qualifying population census tracts as Opportunity
Zones.
Section 3. This Resolution shall take effect immediately.
Adopted this 22 day of February, 2018
and certified as a true copy of the
original on February 23, 2018.
KATHLEEN M. BARNEY, MMC
Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
NO
NV
A.B.
M12D
X
JCBE
X
DIAZ
X
K"
X
DEvASCI0
X
NA=
X
X - Indicate Vote AB - Absent NV - Not Voting XOR
- Indicates Vote to Overrule Veto
Adopted at a meeting of the Municipal Council
Fdxuary 2
�.
lA