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City to apply for $1.75 million in Enterprise Zone funds for six SIDs; staff flags need for future equity formula
Summary
Staff presented a resolution to apply to the New Jersey Urban Enterprise Zone Authority for $1,750,000 to support the city’s six special improvement districts (SIDs). Staff said funds are normally distributed equally among SIDs but that an equity formula is under consideration for future rounds.
City staff told the council they will submit an application to the New Jersey Urban Enterprise Zone Authority requesting $1,750,000 in Enterprise Zone Assistance funds to support Jersey City business-improvement activities administered by six special improvement districts (SIDs).
In a presentation, staff explained that the total $1.75 million would be divided among the six SIDs and noted that one SID failed to submit its…
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