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HomeMy Public PortalAboutr 96:263No. 96-263 Date o1' Adoptiml .q~pt~mhe*' !9, 1996 AUTHORIZING URBAN ENTERPRISE OFFICE TO SUBMIT PROPOSALS TO N.J.U.E.Z.A. WHEREAS, as a result of the Borough of Carteret's designation as an Urban Enterprise Zone, qualified businesses are eligible to collect Sales Tax at the reduced rate of 3%; and WHEREAS, the monies collected at this reduced Sales Tax are deposited in the Urban Enterprise Zone Assistance Fund by the New Jersey Division of Taxation and are available for use by the Borough of Carteret Economic Development Corporation (CEDC) for programs and projects designed to promote economic development; and WHEREAS, the Chairman of the CEDC has requested authorization to submit an application to the NJUEZA for $100,000.00 in Zone Assistance Funds for a Loan Pool Program; and WHEREAS, the Enterprise Zone encourages loan programs for local participating businesses to promote growth and employment; and WHEREAS, this proposal is an eligible use of UEZ Assistance funds under the provisions of the UEZ Act, P.L. 1993, Chapter 367 and there is sufficient funding available to cover the cost of the proposal. NOW, THEREFORE, BE IT RESOLVED that the Mayor and Council of the Borough of Carteret hereby authorizes the Urban Enterprise Zone Office to submit the aforementioned proposal to the NJUEZA for further review and approval. Adopted this 19th day of September, 1996 and certified as a true copy of the original on September 20, 1996. KATHLEEN M. BARNEY, Municipal Clerk RIr. COR1) OF COUNCIL VOTE F.~H ACE X O'BRI~ Fg~ ~ X - Indicate Vote AB - Absent NV - Nol Voting XOR - Imlicales Vole Io Overrule Veto Adopted a! a meeling of the Municipal Council /~..2 September 19, 1996