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Council told Invest Newark city funding will be reduced to $3.5 million this year
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 on the funding-change proposal and said the agency does not anticipate changes to the services it provides the city. "For the last 4 years, Invest in Newark has been getting $5,000,000 annually' We're now being reduced to 3 and a half million for this year, going down to 3,000,000 in 2026 and 2027," Randolph said.
Council members sought details on how Invest Newark will supplement the reduced city contribution. Randolph said the nonprofit would rely on land-bank proceeds from vacant-lot sales, philanthropic support and financing partnerships with banks.
Council members asked that Invest Newark provide monthly reporting under the new funding agreement. Randolph confirmed the organization would provide the requested reports.
Ending: Council asked for and received a commitment from Invest Newark to deliver monthly reports and additional detail on financing strategies as the funding agreement moves forward.
