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Council told Invest Newark city funding will be reduced to $3.5 million this year
2342626 · February 19, 2025
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Summary
Invest Newark's annual city subsidy will drop from $5 million to $3.5 million in 2025, the agency told the Newark Council; Invest Newark said it expects to maintain services while supplementing revenue with land sales, philanthropic and banking partners.
Invest Newark representatives told the Newark Municipal Council on Feb. 19 that the city contribution proposed in the new funding agreement will fall from $5 million annually to $3.5 million for 2025, then to $3 million in 2026 and 2027.
A representative identified as "Mr. Randolph" briefed the council…
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