Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2022 Annual Budget for the Ironbound Business Improvement District Management Corporation (IBID)
Purpose: Reading and Adopting the 2022 Annual Budget of the Ironbound Business Improvement District
Amount: $1,055,000.00
Budget Period: January 1, 2022 through December 31, 2022
Additional Information:
Budget Introduction authorized by Resolution 7R2-c adopted on January 5, 2022.
Public Hearing will be held during the Regular Meeting on 2/2/22.
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WHEREAS, on January 5, 2022, the Municipal Council adopted Resolution 7R2-c, which introduced the proposed annual budget of the Ironbound Business Improvement District Management Corporation (IBID) for the Fiscal Year 2022 (January 1, 2022 through December 31, 2022) (“FY 2022”), in the amount of One Million Fifty-Five Thousand Dollars and Zero Cents ($1,055,000.00) and directed the Department of Economic and Housing Development to schedule a public hearing on the budget as required under N.J.S.A 40:56-84, et seq.; and
WHEREAS, on January 24, 2022, the Department of Economic and Housing Development publicly advertised the proposed IBID budget for FY 2022 and the time and place for the February 2, 2022, hearing in the Star Ledger, which advertisement date represents at least ten (10) days prior to the hearing date of February 2, 2022, as required by N.J.S.A. 40:56-84 (d); and
WHEREAS, the Wednesday, February 2, 2022, hearing date, is no less than twenty-eight (28) days from January 5, 2022 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 budget for the IBID for FY 2022 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/will be 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 2022, January 1, 2022 through December 31, 2022 (FY 2022).
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 2022 is estimated to be One Million Fifty-Five Thousand Dollars and Zero Cents ($1,055,000.00).
4. Each quarter, the Director of the Department of Finance shall pay 25% of the total special assessments for FY 2022, 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 Budget for the IBID for FY 2022 in the amount of be One Million Fifty-Five Thousand Dollars and Zero Cents ($1,055,000.00) is hereby adopted.
7. The Municipal Council hereby ratifies its authorization of the adoption of the IBID budget from January 1, 2022, through the date of adoption of this authorizing Resolution.
8. A copy of this Resolution and the IBID’s Budget for FY 2022 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 Office of the City Clerk’s 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 2022 (January 1, 2022 through December 31, 2022) (“FY 2022”), in the amount of be $1,055,000.00, and adopt said budget, pursuant to N.J.S.A. 40:56-84, et seq.