Invest Newark, the city of Newark’s Economic Development Corporation, has received the Excellence in Economic Development Bronze Award from the International Economic Development Council for Economic Development Organization of the Year. The prestigious award recognizes Invest Newark’s extensive work on equitable economic development throughout the city, including the organization’s programs such as the Newark Land Bank, Newark Fiber and the Language of Capital class.
“As an organization focused on inclusive and equitable economic development, our mission is to drive capital and opportunity into the hands of Newarkers, regardless of neighborhood or economic status,” said Marcus Randolph, president and CEO of Invest Newark. “We support small, local, women- and minority-owned businesses; invest in world-class internet service; spur real estate development; and execute economic development activities to produce and sustain economic growth, generate jobs and create wealth for the citizens of Newark. We are honored to receive this award and look forward to expanding upon our existing work to further import economic development opportunities for the city of Newark and its residents.”
Invest Newark leverages its position as a governmental partner and anchor of the economic development network to invest in the community to eliminate the racial wealth gap and create a city that allows all to prosper. The organization has worked and continues to work on multiple equity projects to drive economic prosperity for all Newarkers, with recent projects such as:
- The Gant-Gilbert Arts Collective, an artist housing development that will provide the community of Clinton Hill and the city of Newark a new cultural, art, education, residential and social center;
- The Invest Newark Infrastructure Fund, providing capital and back-office support to Newark-based MWBE businesses participating in civil works projects;
- The Newark Land Bank, the state of New Jersey’s first land bank, to boost homeownership, create housing, reduce blight and increase M/W/DBE developer or subcontractor capacity;
- The Section 8 Homeownership Conversion Program, a collaboration of public, private and community partners that provide first-time homeownership opportunities to low-and moderate-income families.
Invest Newark Chief Investment Officer Roy Southerland received the award on the organization’s behalf at the in-person conference in Oklahoma City on Sept. 20. The award recognizes a nonprofit, public agency/authority or economic development unit within a local government with a primary mission of economic development that has demonstrated long-term strategic planning, organizational development and significant community impact and/or innovation.
International Economic Development Council
The International Economic Development Council (IEDC) is a nonprofit, nonpartisan membership organization serving economic developers. With more than 5,000 members, IEDC is the largest organization of its kind. Economic developers promote economic well-being and quality of life for their communities by creating, retaining and expanding jobs that facilitate growth, enhance wealth and provide a stable tax base. From public to private, rural to urban and local to international, IEDC’s members are engaged in the full range of economic development experience.
Invest Newark, the city of Newark’s economic development corporation, propels the city’s strong and diverse economy, builds vibrant communities and creates opportunities for all Newarkers. Invest Newark supports small, women- and minority-owned businesses, invests in world-class internet service, spurs real estate development and executes economic development activities to produce and sustain economic growth, generate jobs and create wealth for the citizens of Newark.