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