2024-11-15T19:31:16-06:00 2023-12-31 132781641 MITCHELL & TITUS LLP 80 PINE STREET NEW YORK NY 10005 990 2023-01-01 260829057 INVEST NEWARK A NEW JERSEY NONPROFIT CORP INVE 9732731040 111 MULBERRY STREET LL NEWARK NJ 07102 JERERI EDWARDS CFO 9732731040 2024-11-12 1 0 FREDERICK E DAVIS JR P00446023 2127094500 2023 2024-10-15 13:58:12Z KEVIN COLLINS 111 MULBERRY STREET LL NEWARK NJ 07102 16682647 0 X WWW.INVESTNEWARK.ORG X 2007 NJ INVEST NEWARK'S MISSION TO RETAIN AND GROW BUSINESSES, ENHANCE SMALL AND MINORITY CAPACITY, INITIATE AND EXECUTE ECONOMIC DEVELOPMENT ACTIVITIES, PRODUCE AND SUSTAIN ECONOMIC GROWTH. 9 9 19 0 0 0 6016767 15287341 714867 1395306 -33434 -225451 0 0 6698200 16457196 0 0 0 0 2387405 3042805 0 0 0 1655161 3571228 4042566 6614033 2655634 9843163 20248135 29952166 5703111 6588979 14545024 23363187 X INVEST NEWARK FACILITATED SMALL BUSINESS LOANS AND EXPANDED AN INITIATIVE TO GIVE SMALL AND MINORITY BUSINESSES MORE ACCESS TO CREDIT, CONTRACTING OPPORTUNITIES AND TECHNICAL ASSISTANCE TO PROMOTE SMALL MINORITY BUSINESS DEVELOPMENT.INVEST NEWARK ALSO IS PROMOTING HOME OWNERSHIP THROUGH ITS LAND BANK AND THE REAL ESTATE PROGRAMS. 0 0 1088513 5472014 SMALL MINORITY BUSINESS DEV/INVESTMENTS & LENDING: INVEST NEWARK FACILITATED SMALL BUSINESS LOANS AND EXPANDED AN INITIATIVE TO GIVE SMALL AND MINORITY BUSINESSES MORE ACCESS TO CREDIT, CONTRACTING OPPORTUNITIES AND TECHNICAL ASSISTANCE TO PROMOTE SMALL MINORITY BUSINESS DEVEOPMENT. 1859922 REAL ESTATE DEV/LAND BANK: THE AGENCY HELPED BOTH DEVELOPERS AND BUSINESSES ACCESS NEWARK'S VAST DEVELOPMENT OPPORTUNITIES BY ASSISTING WITH A WIDE RANGE OF SERVICES INCLUDING SITE SELECTION, PERMITTING, APPROVALS, AND FINANCING. ADDITIONALLY, THE AGENCY MANAGED REAL ESTATE PROJECTS ON BEHALF OF THE CITY SUCH AS THE NEWARK RIVERFRONT PARK PROJECT.IN JULY 2019, THE STATE OF NEW JERSEY PASSED AN ACT (P.L.2019, C.159 (C.40A:12A-74 ET SEQ.) KNOWN AS THE "NEW JERSEY LAND BANK LAW." IN THE MONTH OF APRIL 2020, THE CITY COUNCIL OF THE CITY OF NEWARK PASSED ORDINANCE 18:15:1 ESTABLISHMENT OF LAND BANK. AS A RESULT OF THE PASSAGE OF THESE TWO PIECES OF LEGISLATION, THE CITY OF NEWARK AND INVEST NEWARK ENTERED INTO A LAND BANK AGREEMENT, WHICH DESIGNATED INVEST NEWARK AS THE LAND BANK ENTITY. INVEST NEWARK OPERATES THE NEWARK LAND BANK THAT WILL STRATEGICALLY ACQUIRE, MAINTAIN, AND REPURPOSE VACANT, ABANDONED, AND FORECLOSED PROPERTIES, AND EFFICIENTLY RETURN THEM TO PRODUCTIVE USE IN ORDER TO BOOST HOMEOWNERSHIP; REDUCE BLIGHT; INCREASE MWBE DEVELOPER OR SUBCONTRACTOR CAPACITY; INCREASE PROPERTY VALUES AND IMPROVE THE QUALITY OF LIFE FOR NEWARK RESIDENTS. 1549263 10985182 1549263 10985182 4497698 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 341 0 19 1 0 0 0 0 0 1 0 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 0 0 NJ X KEVIN COLLINS 9732731040 111 MULBERRY STREET MARKET STREET NEWARK NJ 07102 BISOLA TAIWO MEMBER 1.50 X 0 0 0 CEDRIC BENNET MEMBER 1.50 X 0 0 0 KEVIN LYONS MEMBER 1.50 X 0 0 0 LAMONICA MCIVER MEMBER 1.50 X 0 0 0 ALLISON LADD CHAIRPERSON 1.50 X 0 0 0 JOE FREISER CO-CHAIRPERSON 1.50 X 0 0 0 RICHARD CAMMARIERI MEMBER 1.50 X 0 0 0 JEANIQUE DRUSES MEMBER 1.50 X 0 0 0 CARLOS GONZALEZ MEMBER 1.50 X 0 0 0 MARCUS RANDOLPH PRESIDENT & CEO 40.00 X 178500 0 61179 KEVIN COLLINS CFO 40.00 X 177120 0 51509 AARON MEYERSON CHIEF INNOVATIVE ECONOMY OFFICER 40.00 X 168268 0 30782 JERERI EDWARDS SVP OF FINANCE 40.00 X 132840 0 22500 EMILY MANZ CHIEF BUSINESS DEVELOPMENT OFFICER 40.00 X 124362 0 13162 JEET GULATI GENERAL COUNSEL 40.00 X 163393 0 19223 ROY SOUTHERLAND CHIEF INVESTMENT OFFICER,0 40.00 X 179375 0 28140 1123858 0 226495 12 0 1 0 AVATAR MANAGEMENT LLC 142 LAFAYETTE STREET NEWARK NJ 07105 FIBER OPTICS SERVICES 1713702 UNITED COMMUNITY CORPORATION 332 SOUTH 8TH STREET NEWARK NJ 07103 FOOD SERVICES 993491 PRO CONSTRUCTION & MANAGEMENT GROUP 2 CENTER STREET NEWARK NJ 07102 CONSTRUCTION SERVICES 384070 RMCM CONSTRUCTION COMPANY LLC 57 HANSBURY AVENUE NEWARK NJ 07112 CONSTRUCTION SERVICES 319645 YOUTH BUILD NEWARK INC 571 CENTRAL AVENUE NEWARK NJ 07107 CONSTRUCTION SERVICES 311557 18 12352400 2934941 7352400 15287341 OTHER INCOME 900099 765358 765358 INTEREST 900099 363561 363561 NEWARK FIBER 900099 157934 157934 LOAN INTEREST 900099 108453 108453 1395306 225451 -225451 -225451 -225451 16457196 1169855 0 0 2106695 1043865 1062830 247346 147060 100286 597305 240364 356941 91459 45977 45482 48519 28402 20117 145309 135099 10210 40768 3111 37657 220060 93297 126763 114883 6320 108563 53536 19263 34273 1376816 1354963 21853 103037 72330 30707 179424 125030 54394 DUES & SUBSCRIPTIONS 35325 20175 15150 TELECOMMUNICATION 29483 4750 24733 1224068 1157692 66376 6614033 4497698 2116335 0 6702734 5319327 2102372 3426297 958326 3627374 952573 2278022 13292307 727339 4802192 12564968 4729938 2736178 20248135 29952166 491525 330824 5211586 6258155 5703111 6588979 X 0 0 0 0 0 0 14545024 23363187 20248135 29952166 X 9843163 -1025000 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 12233000 12233000 267702 204669 63033 754272 505503 248769 37333 17167 20166 12564968 FUNDS HELD IN TRUST 792657 UEZ FUNDS HELD IN TRUST 1352988 FUNDS HELD IN TRUST - HUD FUNDS 64422 OTHER RECEIVABLE 526111 2736178 OTHER PROGRAM PAYABLE 170333 LIABILITY FOR UEZ FUNDS HELD IN TRUST 4939709 LIABILITY FOR FUNDS HELD IN TRUST 58798 LIABILITY FOR FUNDS HELD IN TRUST - HUD 64315 ESTIMATED LIABILITY FOR LITIGATION LOSS 1025000 6258155 X 16457196 0 16457196 0 16457196 6614033 0 6614033 0 6614033 PART X, LINE 2: INVEST NEWARK RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT INVEST NEWARK HAS NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. X 1 0 X X X X 0 0 0 0 0 0 0 0 0 MARCUS RANDOLPH PRESIDENT & CEO 178500 0 0 0 0 0 30000 0 31179 0 239679 0 0 0 KEVIN COLLINS CFO 177120 0 0 0 0 0 30000 0 21509 0 228629 0 0 0 ROY SOUTHERLAND CHIEF INVESTMENT OFFICER,0 179375 0 0 0 0 0 9659 0 18481 0 207515 0 0 0 AARON MEYERSON CHIEF INNOVATIVE ECONOMY OFFICER 168268 0 0 0 0 0 21346 0 9436 0 199050 0 0 0 JEET GULATI GENERAL COUNSEL 163393 0 0 0 0 0 19223 0 0 0 182616 0 0 0 JERERI EDWARDS SVP OF FINANCE 132840 0 0 0 0 0 22500 0 0 0 155340 0 0 0 X 1 7352400 FMV 0 0 0 FORM 990, PART VI, SECTION A, LINE 8B MINUTES WERE TAKEN BY VARIOUS COMMITTEES AND FULL BOARD WHENEVER THERE WAS A MEETING AT ANY LEVELS. FORM 990, PART VI, SECTION B, LINE 11B COPIES OF FORM 990 ARE DISTRIBUTED TO THE BOARD MEMBERS FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C REVIEW OF ANY CONFLICT OF INTEREST IS AN INTEGRAL PART OF THE AGENDA FORM 990, PART VI, SECTION B, LINE 15A THE BOARD REVIEWS EXEC. DIR COMPEMSATION ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 THE PUBLIC CAN ACCESS THE FINANCIAL REPORTS AND FORM 990 FROM THE ORGANIZATION'S WEBSITE. HOWEVER, OTHER DOCUMENTS ARE KEPT AT THE ORGANIZATION'S OFFICE AND ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: PROVISION FOR LEGAL EXPENSES -1,025,000.