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Cumberland County Economic Development Board December 11, 2013.

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Presentation on theme: "Cumberland County Economic Development Board December 11, 2013."— Presentation transcript:

1 Cumberland County Economic Development Board December 11, 2013

2 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.

3 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.

4 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

5 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

6 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

7 2 North High Street – Millville, NJ 08332 Phone: 856-825-3700 Fax: 856-776-5391

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