Presentation on theme: "City of Camden Urban Enterprise Zone Program D ANA L. R EDD MAYOR."— Presentation transcript:
City of Camden Urban Enterprise Zone Program D ANA L. R EDD MAYOR
Camden Urban Enterprise Zone Program UEZ Staff Vincent Basara, Coordinator Yessica Sanchez, Admin. Assistant Joe Thomas, Business Representative
Camden Urban Enterprise Zone Program UEZ Program Background Urban Enterprise Zone Program (UEZ) was created in 1983 to revitalize the state’s most distressed urban communities. The UEZ is administered by the New Jersey Commerce Commission There are 32 UEZ programs in 37 municipalities. 25,000 businesses have participated in program. Companies have invested more than $20 billion in their businesses. More than $500 million has been approved from the Zone Assistance Fund.
Camden Urban Enterprise Zone Program UEZ in Camden City of Camden was designated as a UEZ in 1984. The program was designed to encourage business development and create private sector jobs via public and private investment. More that 800 members have participated in the program since inception. Currently, 180 businesses are enrolled in the program.
UEZ in Camden UEZ Active Business Membership: 180 Total Full Time Jobs: 4,425 Total Part Time Jobs: 483 Total Full Time New Jobs Created: 319 Total Part Time New Jobs Created: 156 Revenue Invested by Active Companies: $604,776,315 Projected Revenue Invested: $89,713,857 Camden Urban Enterprise Zone Program
UEZ in Camden Fiscal Year 2012-Total Approved-$799,733 Fiscal Year 2011-Total Approved-$1,901,764 Fiscal Year 2010-Total Approved-$2,567,644 Fiscal Year 2009-Total Approved-$ 1,778,554 Fiscal Year 2008-Total Approved-$878,402 Fiscal Year 2007-Total Approved-$1,180,400 Fiscal Year 2006-Total Approved-$433,600 Total UEZ Funded Projects - $9,540,097 Camden Urban Enterprise Zone Program
Camden Urban Enterprise Zone Program UEZ Business Incentives Qualified retailers may charge 50 percent (3.5%) of New Jersey sales tax on “in person purchases”. Sales tax revenue is placed in a Zone Assistance Fund (ZAF) and reinvested in improvement projects and further economic development. Sales tax exemptions for materials and for tangible personal property.
Camden Urban Enterprise Zone Program UEZ Business Incentives One–time corporation tax credit of $1500 for full-time hiring of local residents. Businesses are tax exempt at the point of sale on purchases for their business. Energy and utility incentives for small businesses and manufacturing. Business Retention and Relocation Assistance Grant (“BRRAG”) for relocation and retention of at least 250 retail jobs where the grant is a material factor.
Camden Urban Enterprise Zone Program Qualifications Free program/no membership fees Must be registered with New Jersey Division of Taxation. Current on taxes. Permanently located within the boundaries of the UEZ.
Camden Urban Enterprise Zone Program UEZ Funding The UEZ will continue to invest in various “brick and mortar” projects such as streetscapes and facade improvement programs that add value to the commercial districts. UEZ funding is also applied to “clean and safe” activities. Clean-teams and CCTV camera projects will focus on promoting a consumer friendly environment. In addition to physical development projects, Camden UEZ will begin to spotlight “Human Capital” programs that address unemployment, job training, and basic educational development programs.
Camden Urban Enterprise Zone Program To Register for the UEZ Program Contact: Urban Enterprise Zone Program City Hall, Suite 1300 520 Market Street Camden, NJ 08101-5120 Phone (856) 757-7679 Fax (856) 968-4787 www.ci.camden.nj.us