Resolution of the City of Jersey City, N.J.

Resolution of the City of Jersey City, N.J.City Clerk File No.Agenda No.Approved:Res. 09-8981O.Z.1DC¡ 2 8 2009TITLE:RESOLUTION DESIGNATING PORTIONS OFTHE CITY OF JERSEY CITY ASA RECOVERY ZONE FOR THE PURPOSES OFISSUING RECOVERY ZONEZONE FACILITY BONDS INECONOMIC DEVELOPMENT AND RECOVERYACCORDANCE WITH SECTIONS 1400U-1, 1400U-2 AND 1400U-3 OFTHE INTERNAL REVENUE CODE OF 1986APPROVED:APPROVED:THE MUNICIPAL COUNCIL OF THE CITY OF JERSEY CITY RESOLVES:WHEREAS, Section 1400U-1 of the Internal Revenue Code authorizes the City of Jersey City todesignate a "Recovery Zone" for the purpose of issuing Recovery Zone Economic DevelopmentBonds under Section 1400U-2 of the Code, and for the purpose of issuing Recovery Zone FacilityBonds under Section 1400U-3 of the Code; andWHEREAS, the City of Jersey City has been allocated $6,484,000 in Recovery Zone EconomicDevelopment Bonds and $9,726,000 in Recovery Zone Facility Bonds by the United StatesDepartment of Treasury; andWHEREAS, the term "Recovery Zone" means 1) any area designated by the City as havingsignificant poverty, unemployment, rate of home foreclosure or general distress, and 2) any areafor which a designation as an empowerment zone or a renewal community is in effect.WHEREAS, the financial services industry is of critical importance to the economic growth andstability of Jersey City and has cut nearly 15% of its Jersey City workforce due to the currentrecession.NOW, THEREFORE, BE IT RESOLVED by the Municipal Council of the City of Jersey City that:1. The City's "Recovery Zone" for the purposes of Sections 1400U.i1, 1400U-2 and 1400U-3of the Internal Revenue Code is hereby designated to be the areadenoted on the mapaccompanying this resolution, consisting ofthe following sections of the City: all designatedUrban Enterprise Zones; all approved Redevelopment Areas; all "Low-Moderate Income"Census tracts as defined by the 2000 Census; and all areas qualifying for assistance throughthe federal Neighborhood Stabil2ation Program, each of which areas satisfy one or moreof the criteria set forth in 1) of the "Recovery Zone" definition.2. The City Council hereby finds that the "Recovery Zone" described above meets therequirements of Section 1400U-1 of the Internal Revenue Code, in that the area is alreadydesignated as an empowerment zone or renewal community and/or is an areacharacterized by significant poverty, unemployment, rate of home foreclosure, or generaldistress...APPROVED AS TO LEGAL FORM~ COtPUiauî:Certification Required DNot Required DAPPROVED 9-0RECORD OF COUNCIL VOTE ON FINAL PASSAGECOUNCILPERSON AYE NAY N.V. COUNCILPERSON AYE NAY NY COUNCILPERSON AYE NAY N.V.SOTTOLAO / GAUGHAN/FLOOD IDONNELLY ./ FULOPIVEGA' /LOPEZ ,/ RICHARDSON ,¡ BRENNAN, PRES ./,l Indicates Vote NV-Not Voting (Abstain)Ado ø;ee;;I"g::ncil ollle C~ 01 Jeffey c¡~ NJ Wt ~Peter M. Brennan, President of Council Robert B me, Cit C