Continuation <strong>of</strong> <strong>Resolution</strong>Res. 09-897<strong>City</strong> Clerk File No.1O.ZAgenda No. OCT 282009Pg.# 2TITLE:A RESOLUTION ENDORSING A ONE MILLION DOLLAR RELOCATIONGRANT FROM URBAN ENTERPRISE FUNDS TO DEPOSITORY TRUST ANDCLEARING CORPORATION (DTCC)4. Following payment <strong>of</strong> <strong>the</strong> fourth and final installment <strong>of</strong> <strong>the</strong> Grant,DTCC shall have no obligation to maintain a minimum number<strong>of</strong> <strong>Jersey</strong> <strong>City</strong>based DTCC employees.5. DTCC fur<strong>the</strong>r acknowledges and agrees that, upon becoming eligible tobecome a qualified business in <strong>the</strong> <strong>City</strong>'s UEZ, it will make <strong>the</strong> necessaryapplication <strong>the</strong>refore and, following approval <strong>the</strong>re<strong>of</strong>, will maintain itself as a, qualified business for <strong>the</strong> term <strong>of</strong> <strong>the</strong> Grant. The <strong>City</strong> acknowledges that, given<strong>the</strong> nature <strong>of</strong> DTCC's business and notwithstanding good faith efforts that maybe made by DTCC , DTCC may require <strong>the</strong> UEZA, pursuant to its discretionunder N.JAC. 12A:120-1.8,to modify <strong>the</strong> twenty-five (25) percent employeehiring requirement so as to require a lesser percentage <strong>of</strong> full-time employees,newly hired by <strong>the</strong> Company during <strong>the</strong> applicable period, to meet one or more <strong>of</strong><strong>the</strong> criteria set forth in N.J.SA 52:27H-62c (10; (2), (3) asamended by L.1988,C93, S1 (<strong>the</strong> "criteria"). As such, <strong>the</strong> <strong>City</strong> agrees to recommend to <strong>the</strong> UEZA that,in consideration for a one-time contribution to <strong>the</strong> UEZA by DTCC for <strong>the</strong> funding<strong>of</strong> programs in a manner consistent with N.J.A.C. 12A:120-1.6 in <strong>the</strong> amount <strong>of</strong>$1,000 per employee below <strong>the</strong> required number <strong>of</strong> employees needed to meet'<strong>the</strong> threshold,<strong>the</strong> UEZA shall approve a waiver asis necessary to allow DTCCtoremain in full compliance under <strong>the</strong> program.NOW, THEREFORE, BE IT RESOLVED that <strong>the</strong> Municipal Council <strong>of</strong> <strong>the</strong> <strong>City</strong><strong>Jersey</strong> <strong>City</strong> endorses a One Millon Dollar Relocation Grant from UrbanEnterprise Funds To Depository Trust And Clearing Corporation.<strong>of</strong>APPROVED:APPROVED:;;/, APPROVED AS TO LEGAL FORMCertification Required DNOt Required DAPPROVED 'f.0RECORD OF COUNCIL VOTE ON FINAL PASSAGE10/28/09COUNCILPERSON AYE NAY NV, COUNGILPERSON AYE NAY NV. COUNCILPERSON AYE NAY N.V.SOTTOLANO/GAUGHAN/FLOOD,7DONNELLYI FULOP,./ VEGA ./LOPEZ ./ RICHARDSON ./ BRENNAN, PRES ,/,l Indicates VoteAdV;;";°fz;:pal Cound; <strong>of</strong> <strong>the</strong> C'òJ <strong>of</strong> Jeesey C'òJ N~ t!N.V.-Not Voting (Abstain)Peter M. Brennan, President <strong>of</strong> Council , , , ,Rob It Byrne, C~
ibte 2. Income before taxes: Average annual expenditures and characteristics, Consumer Expenditure Survey, 2007ItemI All I ,___ ...__ I .~ ''''\n ,,_ I ...n nn,. "'_ Iimber <strong>of</strong> consumer units (in thousands) 120,171 4,184 5,406 7,552 7,562 14,720 13,211 11,824 18,390 37,322msumer unit characteristics:Income before taxes $63,091 -$1,053 $8,079 $12,676 $17,307 $24,893 $34,751 $44,555 $59,527 $130,455Income after taxes $60,858 -$1,295 $8,128 $12,762 $17,327 $24,709 $34,325 $43,628 $57,835 $124,613I\ge <strong>of</strong> reference person 48,8 42.8 49,7 56,9 54,5 52,3 48.6 46.8 46.8 47.0I\verage number in consumer unit:Persons 2.5 1.6 1,5 1.7 1,9 2.2 2.3 2.4 2.7 3,1Children under 18 0.6 0.3 0,3 0.4 0,4 0.5 0,6 0.6 0.7 0,8Persons 65 and over 0.3 0.2 0,3 0.5 0,5 0.5 0.4 0.3 0,2 0.2Earners 1.3 0.5 0,5 0.5 0,7 0.9 1.1 1.3 1,6 2.0Vehicles 1.9 0,8 0.8 1.0 1.2 1.5 1.6 1.9 2.3 2,7,rcent distribution:Sex <strong>of</strong> reference person:Male 47 44 34 34 39 41 43 50 50 54Female 53 56 66 66 61 59 57 50 50 46Housing tenure:Homeowner 67 32 31 45 50 55 59 64 74 89With mortgage 43 15 9 11 15 23 32 40 54 72Without mortgage 23 17 23 33 34 31 27 24 20 17Renter 33 68 69 55 50 45 41 36 26 11Race <strong>of</strong> reference person:Black or African-American 12 19 20 16 15 15 15 14 10 7White, Asian, and all o<strong>the</strong>r races 88 81 80 84 85 85 85 86 90 93Hispanic or Latino origin <strong>of</strong> reference person:Hispanic or Latino 12 10 13 13 15 16 14 14 12 8Not Hispanic or Latino 88 90 87 87 85 84 86 86 88 92Education <strong>of</strong> reference person:
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Resolution of the City of Jersey Ci
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MADATORY EQUAL EMPLOYMNT OPPORTUNTY
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AMERICANS WITH DISABILITIES ACT OF
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MINORITYIWOMA BUSINESS ENTERPRISE (
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,"C.271 PlAl"'1 1m_ ~Requir Puuat T
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CITY OF JERSEY CITYRESOLUTION:VENDO
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Resolution of the City of Jersey Ci
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AGREEMENTThis Agreement dated the d
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notify the City of their engagement
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For the term of the contract, the c
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Continuation of Resolution, City Cl
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Fonn AA302Rev, 10/08STATE OF NEW JE
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PUBLIC DISCLOSURE INFORMATIONChapte
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Continuation of ResolutionCity Cler
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LEGISLATIVE FACT SHEETThis summary
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