Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2024 Annual Budget for the Greater Newark Tourism Improvement District Management Corporation d/b/a The Greater Newark Convention and Visitor Bureau (GNCVB)
Purpose: Introducing and Approving the 2024 Annual Budget of Greater Newark Tourism Improvement District Management Corporation d/b/a The Greater Newark Convention and Visitor's Bureau
Amount: $2,577,819.00
Budget Period: January 1, 2024 through December 31, 2024
Additional Information:
Ordinance 6PSF-h adopted on June 19, 2013, authorized the creation of the Greater Newark Tourism Improvement District Management Corporation d/b/a The Greater Newark Convention and Visitors Bureau.
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WHEREAS, on June 19, 2013, the Municipal Council adopted Ordinance 6PSF-h, which the Mayor of the City of Newark created and designated within the City of Newark as a Special Improvement District pursuant to N.J.S.A. 40:56-65 et seq. (the "Ordinance"), to be known as Greater Newark Tourism Improvement District Management Corporation d/b/a The Greater Newark Convention and Visitors Bureau; and
WHEREAS, pursuant to N.J.S.A. 40:56-65(c), the Greater Newark Tourism Improvement District Management Corporation ("the District Management Corporation") a non-profit corporation, was designated by the Ordinance as the management entity for the Special Improvement District; and
WHEREAS, the District Management Corporation is comprised of all hotel properties within the City (the "District") to provide supplemental services within the District and collect a special license fee assessment on all affected property within the District, the fee assessments shall be collected by the owners or operators of hotel properties within the District as an additional room charge imposed upon such hotel owners and operators based upon actual room rentals and paid to the City of Newark in quarterly install...
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