PERTH AMBOY – The Urban Enterprise Zone Authority in Trenton has reauthorized Perth Amboy as an Urban Enterprise Zone for 15 more years.
The UEZ Program offers participating businesses many incentives that encourage business growth and stimulate local economies. Under the program, sales tax revenues generated by UEZ businesses are dedicated for use within the zones for economic development projects. Businesses participating in the UEZ Program can charge half the standard sales tax rate on certain purchases.
Since the time Perth Amboy was designated as a “UEZ” in 1994, the city realized more than $19 million dollars and the creation of more than 4,000 full-time new jobs according to Urban Enterprise Zone Authority data. The Perth Amboy Zone Assistance Fund (ZAF) reinvested the $19 million dollars in sales tax revenues for 38 projects that focused on job creation, business stimulus, infrastructure improvements and marketing.
“I am very pleased that the State UEZ Authority has accepted and approved our application for an extension of the program,” said Mayor Wilda Diaz. “This could mean millions of dollars for Perth Amboy in the next ten years, a substantial amount of money for public improvement, business assistance and creation of jobs for our residents,” she continued.
During its 15 years of operation the Perth Amboy UEZ has funded 38 projects such as: repaving and beautification of eleven main arteries and streets; Clean Team Project that provides for street vacuum machines to maintain the business districts; business recruitment and business retention programs; anti-graffiti projects; marketing and advertising; as well as parking lot improvements—all funded by the UEZ Program.
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