Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Allocation of proceeds from Motor Vehicle Rental Tax Fund Purpose: Use of tax proceeds collected from the Motor Vehicle Rental Tax imposed by the City of Newark to fund: (1) the City of Newark’s redevelopment related activities relating to the acquisition of abandoned propertied as authorized by the Abandoned Properties Rehabilitation Act (APRA); and (2) redevelopment activities in connection with the City’s Clean and Green Program to rehabilitate vacant lots; and (3) redevelopment activities undertaken by Brick City Development Corporation. Entity Name: City of Newark Finance Department/Motor Vehicle Rental Tax Entity Address: (n/a) Allocation Amount: (1) Abandoned Property Initiative $4,000,000; and (2) Clean and Green Program $4,000,000; and (3) BCDC Funding $4,000,000. Funding Source: Motor Vehicle Rental Tax Contract Period: Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient ( X ) n/a Additional Information: Resolution # 7RDO(AS) 061505, designated City of Newark an “Area in Need of Rehabilitation”. Resolution# 7RE(S-2) 060107, authorized a Funding Agreement with Brick City Development Corporation. Ordinance# 6PSF-I 050510, authorized a Motor Vehicle Rental Tax Ordinance# 6PSF-D 122111, authorized the City’s Acquisition of Abandoned Property. Invitation: Director of Economic & Housing Development and Corporation Counsel, July 31, 2012