Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2024 Annual Budget for Bloomfield Avenue - Lower Broadway Business Improvement District (BALBA)
Purpose: Introduction of the 2024 Annual Budget for Bloomfield Avenue - Lower Broadway Business Improvement District.
Amount: $448,000.00
Budget Period: January 1, 2024 through December 31, 2024
Additional Information:
Ordinance 6PSF-h adopted on July 12, 2017, authorized the creation of the Bloomfield Avenue - Lower Broadway Business Improvement District.
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WHEREAS, by Ordinance 6PSF-h, adopted July 12, 2017, the Mayor of the City of Newark and the Municipal Council created and designated within the City of Newark a Special Improvement District, authorized pursuant to N.J.S.A. 40:56-65 et seq., to be known as the Bloomfield Avenue - Lower Broadway Business Improvement District ("District") to provide supplemental services within the District and collect a special assessment on all affected property within the District, which assessments shall be collected by the City of Newark, for the purpose of promoting the economic and general welfare of the District and the municipality; and
WHEREAS, pursuant to Ordinance 6PSF-h, adopted on July 12, 2017, the Mayor of the City of Newark and the Municipal Council designated a non-profit corporation, the Bloomfield Avenue - Lower Broadway Business Improvement District Management Corporation, ("Bloomfield Avenue - Lower Broadway Management Corporation") to serve as the management and operating organization; and
WHEREAS, the Bloomfield Avenue - Lower Broadway Management Corporation provides administrative and other services to benefit businesses, employees, residents, visitors and consumers in the District and shall have all powers necessary and requisite to effectuate the purposes of Ordinance 6PSF-h adopted on July 12, 2017 and the Bloomfield Avenue - Lower Broad...
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