Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2020 Annual Budget for the Ironbound Business Improvement District Management Corporation (IBID)
Purpose: Reading and Adopting the 2020 Annual Budget of the Ironbound Business Improvement District
Amount: $885,650.00
Budget Period: January 1, 2020 through December 31, 2020
Additional Information:
Budget Introduction authorized by Resolution 7R2-f(S) adopted on July 14, 2020.
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WHEREAS, on July 14, 2020, the Municipal Council adopted Resolution 7R2-f(S), which introduced the proposed annual budget of the Ironbound Business Improvement District Management Corporation (IBID) for the Fiscal Year 2020 (January 1, 2020 through December 31, 2020) (“FY 2020”), in the amount of Eight Hundred Eighty-Five Thousand Six Hundred Fifty Dollars and Zero Cents ($885,650.00), and scheduled a Public Hearing upon said budget for August 18, 2020, as required under N.J.S.A. 40:56-84, et seq.; and
WHEREAS, the Department of Economic and Housing Development publicly advertised the proposed IBID budget for FY 2020 and the time and place for the August 18, 2020, hearing in the Star Ledger on August 6, 2020, which advertisement is at least ten (10) days prior to the hearing date of August 18, 2020, as required by N.J.S.A. 40:56-84(d); and
WHEREAS, the hearing date of Tuesday, August 18, 2020, is no less than twenty-eight (28) days from July 14, 2020, the date of the approved budget, as required by N.J.S.A. 40:56-84(e); and
WHEREAS, the IBID Budget for FY 2020 was also posted in a public place where public notices are customarily posted within the basement area of Newark City Hall and a copy of said budget was made available to those persons requesting same during the week prior to and the day of the public hearing.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The City Clerk is hereby authorized to read by title the Ironbound Business Improvement District Management Corporation (“IBID”) budget for the fiscal year 2020, January 1, 2020 through December 31, 2020 (FY 2020).
2. All of the conditions outlined in Paragraph (1) of N.J.S.A. 40:56-84(f) have been satisfied.
3. The amount anticipated to be raised by the special assessments to support the IBID’s Budget for FY 2020 is estimated to be Eight Hundred Eighty-Five Thousand Six Hundred Fifty Dollars and Zero Cents ($885,650.00).
4. Each quarter, the Director of the Department of Finance shall pay 25% of the total special assessments for FY 2020 as set forth in the approved budget to IBID.
5. The Director of the Department of Finance shall withhold from the quarterly payments to the IBID an Administrative Fee of 1% of the amount of special assessments billed by the Tax Collector to support the Budget of the IBID.
6. The IBID’s Budget for FY 2020 in the amount of Eight Hundred Eighty-Five Thousand Six Hundred Fifty Dollars and Zero Cents ($885,650.00) is hereby adopted.
7. The Municipal Council hereby ratifies its authorization of the adoption of the IBID budget from January 1, 2020, through the date of adoption of this authorizing resolution.
8. A copy of this resolution and the IBID’s Budget for FY 2020 shall be placed on filed by the Director of the Department of Economic and Housing Development with the Office of the City Clerk.
9. The City Clerk’s Office shall forward certified copies of this resolution to the Business Administrator, the Director of the Department of Finance, Tax Collector and Tax Assessor.
10. This resolution shall take effect upon final passage and publication as required under the Laws of the State of New Jersey.
STATEMENT
This resolution ratifies and authorizes the City Clerk to read, by title, the Ironbound Business Improvement District Management Corporation’s (“IBID”) Budget for the fiscal year 2020 (January 1, 2020 through December 31, 2020) (“FY 2020”), in the amount of Eight Hundred Eighty-Five Thousand Six Hundred Fifty Dollars and Zero Cents ($885,650.00), and adopt said budget, pursuant to N.J.S.A. 40:56-84, et seq.