[Added 12-20-2012 by Ord. No. O22-2012]
A. 
Pursuant to N.J.S.A. 52:27H-67, the "Gloucester City Economic Development, a New Jersey Non-Profit Corporation" is designated as the zone development corporation for the purposes of managing the Gloucester City Urban Enterprise Zone subject to the requirements herein.
B. 
The requirements of the above designation are:
(1) 
Compliance with N.J.S.A. 52:27H-67 concerning the composition of the Board.
(2) 
The Board member serving as the representative of the municipality shall be named by the Common Council.
(3) 
The annual budget shall be subject to approval by the Common Council.
(4) 
Monthly reports as to income, expenditures and projects shall be submitted to the Common Council.
(5) 
There shall be an annual audit performed by an auditing firm approved by Common Council.
(6) 
Common Council reserves the right to cancel or terminate any project or expenditure.
C. 
Upon the closure of the "Enterprise Zone Development Corporation of the City of Gloucester City" any funds shall be transferred to the "Gloucester City Economic Development, a New Jersey Non-Profit Corporation."
[1]
Editor's Note: The Preamble of Ordinance No. O22-2012 designated the Gloucester City Economic Development Corporation to manage the Urban Enterprise Zone. Section 1 of Ordinance No. O22-2012 repealed Ordinance No. O11-2004.