Finance committee approves three appropriations for development, JEDD distributions and water loan payment

Newark City Council finance committee members approved three appropriation requests during a May 19, 2025 finance committee meeting, voting unanimously on each item.

The committee approved a corrected request totaling $2,500,000 for development agreements and related construction work. A staff presenter described portions of the request as covering work on West Main and said roughly $500,000 relates to the Vista Group’s construction agreement with the city. The presenter initially announced a $1,000,000 figure and then corrected the total to $2,500,000 during the discussion. A motion to approve that request passed on a 5-0 vote.

The committee then approved a $2,000,000 appropriation to distribute funds collected for the joint economic development district (JEDD). A staff explanation said JEDD collections had risen substantially and distributions were therefore expected to increase. That motion also passed 5-0.

Finally, the committee approved a $256,000 appropriation from water funds to cover the first installment of a loan for the 16 North project. Staff said the project’s delay prevented rolling the payment into the construction line and that the requested amount represents 25% of the actual payment; the payment will be drawn from the water account because water infrastructure design work is proceeding concurrently. That motion passed 5-0.

At the start of the meeting a city official reported an unappropriated balance of $295,451 and a budget stabilization fund balance of $767,008. The finance committee adjourned after the votes; the regular council meeting was scheduled to begin at 7 p.m.