Title
Dept/ Agency: Economic & Housing Development
Action: ( X ) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2013 Annual Budget for Mt. Prospect Avenue Neighborhood
Improvement District (Mt. Prospect District)
Purpose: Introducing and Approving 2013 Mt. Prospect District Budget
Amount: $289,930.00
Budget Period: January 1 2013 through December 31, 2013
Additional Information:
Budget Introduction authorized by Ordinance 6S&FF 062007
$265,000.00 budget amount to be raised by taxes
$24,930.00 budget amount the sole responsibility of the Mt. Prospect Management Corporation
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WHEREAS, by Ordinance 6S&FF, adopted June 20, 2007, the Mayor 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 Mt. Prospect Avenue Neighborhood Improvement District ("Mt Prospect District") and designated a nonprofit corporation, the Mt. Prospect Avenue Neighborhood Improvement District Management Corporation, ("Mt. Prospect Management Corporation") to serve as the management and operating organization (the property boundaries for the Mt. Prospect Avenue Neighborhood District is attached hereto as "Attachment A" and made a part of this Resolution); and
WHEREAS, pursuant to Ordinance 6S&FF 062007, the Mt. Prospect Management Corporation was authorized to provide administrative, marketing and other services to benefit the businesses, employees, residents, visitors and consumers in the Mt. Prospect District and collect a special assessment on all affected properties within the Mt. Prospect District, which assessment shall be imposed by the City of Newark for the purpose of promoting the economic and general welfare of the Mt. Prospect District and the municipality; and
WHEREAS, the Mt. Prospect Management Corporation will provide administrative marketing and other services to benefit businesses, employees, residents, visitors and consumers in the Neighborhood Improvement District and shall have all powers necessary and requisite to effectuate the purposes of the above Ordinance and the District; and
WHEREAS, in accordance with Section 6(a) of Ordinance 6S&FF 062007, the Mt. Prospect Management Corporation shall submit a detailed annual budget for approval by the Municipal Council in accordance with the procedures set forth in N.J.S.A. 40:56-84; and
WHEREAS, the annual budget for the Mt. Prospect Management Corporation for the calendar year 2013 shall be $289,930.00; and
WHEREAS, the amount to be raised by taxes by the Municipal Tax Collector to support the annual budget of the Mt. Prospect Avenue Neighborhood Improvement District Management Corporation for the calendar year 2013 shall be $265,000.00 and the Mt. Prospect Management Corporation will be solely responsible for the additional budget amount of $ 24,930.00.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Municipal Council hereby approves the budget of the Mt. Prospect Avenue Neighborhood Improvement District Management Corporation ("Mt. Prospect Management Corporation") in the amount of $289,930.00 for the calendar year 2013, for the Mt. Prospect Avenue Neighborhood Improvement District ("Mt. Prospect District") in accordance with the provisions of Ordinance 6S&FF, adopted June 20, 2007 and pursuant to the requirements set forth in N.J.S.A. 40:56-84.
2. This resolution is hereby ratified from January 1, 2013 until the date of adoption by the Municipal Council.
3. The amount to be raised by taxes by the Municipal Tax Collector to support the annual budget of the Mt. Prospect Management Corporation for the calendar year 2013 shall be $265,000.00.
4. The Mt. Prospect Management Corporation will be solely responsible for securing the balance of the budget or $24,930.00 through private sponsorship, interest income and in-kind contribution.
5. All of the conditions outlined in N.J.S.A. 40:56-84 have been satisfied.
6. A copy of this resolution and the annual budget of the Mt. Prospect Management Corporation for the calendar year 2013 shall be placed on file in the Office of the City Clerk by the Director of the Newark Office of the Urban Enterprise Zone.
7. The City Clerk is hereby authorized to forward a certified copy of this resolution to the Mt. Prospect Management Corporation, the Business Administrator, the Director of Finance, the Tax Assessor and the Tax Collector.
STATEMENT
This resolution introducing and approving the annual budget of the Mt. Prospect Avenue Neighborhood Improvement District Management Corporation ("Mt. Prospect Management Corporation") in the amount of $289,930.00 for the calendar year 2013 for the Mt. Prospect Avenue Neighborhood Improvement District ("Mt. Prospect District") in accordance with provisions of Ordinance 6S&FF, adopted June 20, 2007, pursuant to N.J.S.A. 40:56-84, $265,000.00 to be collected by the Municipal Tax Collector from special assessment in the district, the balance of $ 24,930.00 is the sole responsibility of the Mt. Prospect Management Corporation.