Presentation on theme: "Cumberland County Economic Development Board December 11, 2013."— Presentation transcript:
Cumberland County Economic Development Board December 11, 2013
OVERVIEW Authorized by the County Improvement Authorities Law, N.J.S.A. 40:37A-55 5 Commissioners are appointed by the Freeholders/County Executive in 5 year staggered terms (some Authority’s have 7 Commissioners) Nothing can be done by an Improvement Authority without the blessing of the County Governing Body.
POWERS & ROLES OF CCIA Powers Act as a building authority to provide financing of governmental buildings, equipment, vehicles, and other related facilities. Provide for the construction, rehabilitation, improvement or enlargement of public and private facilities. Provide for public transportation. Provide for aviation. To acquire property from the United States Government.
Powers cont’d Provide for joint, public or private, facilities. Acquire, construct, maintain and operate solid waste facilities. To provide for tourist industries and recreational facilities. Provide loans and other financial assistance for low and moderate income housing projects. Provide financing for redevelopment projects. POWERS & ROLES OF CCIA
Roles Creating Government Loan and Lease Pools Financing Public Facilities Ownership & Management of Sludge Facilities Financing & Management of Solid Waste Projects and Initiatives Serving as a Public Lessor Financing & Operating Low Income Housing Projects Utilizing Redevelopment Powers to spur Economic Development POWERS & ROLES OF CCIA
What advantages do we offer the participants? Capitalized Interest No Down Payment Flexible Debt and Repayment Structures Ability to Pool Transactions Low Interest Rates (tax exempt, where applicable) Credit Support (through a County/Municipal Guarantee subject to Freeholder/Municipal approval) Project Management CCIA ADVANTAGES