Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2021 Annual Budget for BLCSID Partnership, Inc., also known as the Bergen Lyons Clinton Special Improvement District
Purpose: Reading and Adopting 2021 Annual Budget for BLCSID Partnership, Inc.
Amount: $398,471.72
Budget Period: January 1, 2021 through December 31, 2021
Additional Information:
Budget Introduction authorized by Resolution 7R2-h adopted on July 8, 2021.
body
WHEREAS, on July 8, 2021, the Newark Municipal Council (“Municipal Council”) adopted Resolution 7R2-h, which introduced and approved the proposed annual budget for the BLCSID Partnership, Inc., also known as Bergen Lyons Clinton Special Improvement District (“BLCSID”) for the Fiscal Year 2021,January 1, 2021 through December 31, 2021(“FY 2021”), in the amount of Three Hundred Ninety-Eight Thousand, Four Hundred Seventy-One Dollars and Seventy-Two Cents ($398,471.72) and scheduled a Public Hearing upon said budget for August 4, 2021, as required under N.J.S.A. 40:56-84; and
WHEREAS, the Department of Economic and Housing Development publicly advertised the proposed BLCSID’s budget for FY 2021 and the time and place for the August 4, 2021, hearing in the Star Ledger on July 22, 2021, which advertisement is at least ten (10) days prior to the hearing date of August 4, 2021, as required by N.J.S.A. 40:56-84 (d); and
WHEREAS, the hearing date of Wednesday, August 4, 2021, is no less than twenty-eight (28) days from July 8, 2021, the date of the approved budget, as required by N.J.S.A. 40:56-84(e); and
WHEREAS, the BLCSID’s budget for FY 2021 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 BLCSID Partnership, Inc., also known as Bergen Lyons Clinton Special Improvement District (“BLCSID”) budget for the fiscal year 2021, January 1, 2021 through December 31, 2021 (“FY 2021”).
2. All of the conditions outlined in Paragraph (1) of N.J.S.A. 40:56-84(f) have been satisfied.
3. The Municipal Council may make an amendment to the budget during or after the public hearing. If such amendment falls under N.J.S.A. 40:56-84(g), it shall not be adopted without an additional public hearing.
4. The amount anticipated to be raised by the special assessments to support BLCSID’s budget for FY 2021 is estimated to be Three Hundred Ninety-Eight Thousand, Four Hundred Seventy-One Dollars and Seventy-Two Cents ($398,471.72).
5. Each quarter, the Director of Finance, shall pay 25% of the total special assessments for FY 2021 as set forth in the approved budget to the BLCSID.
6. The Director of the Department of Finance shall withhold from the quarterly payments to the BLCSID an Administrative Fee of 1% of the amount of special assessments billed by the Tax Collector to support the Budget of the BLCSID.
7. The BLCSID’s Budget for FY 2021 in the amount of Three Hundred Ninety-Eight Thousand, Four Hundred Seventy-One Dollars and Seventy-Two Cents ($398,471.72) is hereby adopted.
8. The Municipal Council hereby ratifies its authorization of the adoption of the BLCSID’s budget from January 1, 2021, through the date of final adoption of this authorizing Resolution.
9. A copy of this Resolution and the BLCSID’s budget for FY 2021 shall be placed on file, by the Department of Economic and Housing Development, with the Office of the City Clerk.
10. 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.
11. 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 BLCSID Partnership Inc., also known as Bergen Lyons Clinton Special Improvement District, Budget for the fiscal year 2021, January 1, 2021 through December 31, 2021 (FY 2021), in the amount of Three Hundred Ninety-Eight Thousand, Four Hundred Seventy-One Dollars and Seventy-Two Cents ($398,471.72), and adopt said budget, pursuant to N.J.S.A. 40:56-84, et seq.