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Cumberland County Economic Development Board December 11, 2013

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)

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Cumberland County Economic Development Board December 11, 2013

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  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 & ROLES OF CCIA • Powerscont’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.

  5. 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

  6. CCIA ADVANTAGES • 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

  7. 2 North High Street – Millville, NJ 08332 Phone: 856-825-3700 Fax: 856-776-5391 www.ccia-net.com

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