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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 required final report and therefore would not receive funds until compliance is achieved. Staff said the city historically distributes EZ funds equally among participating SIDs but that a citywide strategic plan recommended developing an equity formula for future allocations because districts differ in needs and revenue-raising capacity.
Council members asked about the timetable for state approval and fund disbursement. Staff said the city expects to submit the application imminently, that the state review and approval process takes about 45 days, and that, if approved on schedule, funds could be released in late spring or summer and drawdowns could begin in July. Staff also described the standard reimbursement process for eligible uses such as staffing, beautification and marketing, noting the city can either pay vendors directly or reimburse SID expenditures within an approved period.
Next steps: staff will submit the application to the state and notify SIDs when funds are available and the process for voucher submission. The council did not take a final vote at the caucus meeting.
Why it matters: Enterprise Zone Assistance funds support commercial corridors and local economic development; revising allocation procedures could change how resources are distributed among business districts.
