A brainchild of Mayor Cory Booker, BCDC kicks off with a$14.4-million war chest, with the funding coming from a combinationof money from the city's land trust and the proceeds from the saleof a couple of city-owned properties on Raymond Boulevard. Cityofficials say the new agency, unlike its predecessor, will not useits funding as seed money to form extended subsidiaries oraffiliates, will hold open public meetings and will keep itsrecords open to the public for accountability purposes.

According to city officials, the new agency will have a staff ofat least a dozen, and a search is just under way for an executivedirector. An 11-member board will also be formed to provideoversight, with those members made up of a combination ofappointees of both Booker and Gov. Jon Corzine, along with othernamed by the Newark Alliance and the Newark Regional BusinessPartnership.