Title
Dept/ Agency: Economic & Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2015 Annual Budget for Greater Newark Tourism Improvement District (GNTID)
Purpose: Reading & Adopting 2015 GNTID Budget
Amount: $1,319,000.00
Budget Period: January 1, 2015 through December 31, 2015
Additional Information:
Resolution 7R3-A 070115 authorized Budget Introduction
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WHEREAS, on July 1, 2015, the Newark Municipal Council adopted Resolution 7R3-A, which introduced and approved the annual budget of the Greater Newark Tourism Improvement District Management Corporation (“GNTID”) for the fiscal year 2015 (January 1, 2015 through December 31, 2015) (“FY 2015”), in the amount of $1,319,000.00; and
WHEREAS, the Department of Economic and Housing Development scheduled a public hearing upon said budget for Wednesday, September 16, 2015, 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 GNTID budget for FY 2015 and the time and place for the September 16, 2015 hearing in the Saturday, September 5, 2015, Star Ledger which advertisement is at least 10 days prior to the hearing date as required by N.J.S.A. 40:56-84 (d); and
WHEREAS, the Wednesday, September 16, 2015 hearing date is not less than 28 days from July 1, 2015, the date of the approved budget, as required by N.J.S.A. 40:56-84 (e); and
WHEREAS, the Department of Economic and Housing Development posted the GNTID budget for FY 2015 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 Greater Newark Tourism Improvement District Management Corporation’s (“GNTID”) budget for the fiscal year 2015 (January 1, 2015 through December 31, 2015) (FY 2015).
2. All the conditions outlined in paragraph (1) of N.J.S.A. 40:56-84 (f) have been satisfied.
3. The GNTID’s budget for FY 2015 in the amount of $1,319,000.00 is hereby adopted.
4. The City’s Acting Finance Director shall withhold from the quarterly payments to the GNTID an Administrative Fee of 1% of the amount of special assessments billed by the Tax Collector to support the Budget of the District.
5. The City’s Acting Finance Director shall pay said amount of the special assessments set forth in the approved budget over to the Greater Newark Tourism Improvement District Management Corporation in installments of 25% of the total assessments quarterly.
6. The Municipal Council hereby ratifies its authorization of the GNTID budget from January 1, 2015 through the day of adoption of this authorizing resolution.
7. A copy of this Resolution and the GNTID budget for FY 2015 shall be placed on file in the Office of the City Clerk.
8. The City Clerk’s Office shall forward certified copies of this resolution to the Business Administrator, the Acting Director of Finance, Tax Collector and Tax Assessor.
STATEMENT
Resolution ratifies and authorizes the City Clerk to read by title the Greater Newark Tourism Improvement District Management Corporation’s budget for the fiscal year 2015 (January 1, 2015 through December 31, 2015) (FY2015) , in the amount of $1,319,000.00, and adopt said budget, pursuant to N.J.S.A.40:56-84, et seq.