Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2024 Annual Budget for the Bergen Lyons Clinton Special Improvement District (BLCSID Partnership, Inc.)
Purpose: Reading and Adopting 2024 Bergen Lyons Clinton Special Improvement District Budget
Amount: $790,000.00
Budget Period: January 1, 2024 through December 31, 2024
Additional Information:
Budget Introduction authorized by Resolution 7R2-a adopted on May 8, 2024.
Public Hearing to be held on Wednesday, July 10, 2024 at 12:30 P.M. in the Council Chamber.
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WHEREAS, on May 8, 2024 the Newark Municipal Council adopted Resolution 7R2-a, which introduced and approved the proposed annual budget of the Bergen Lyons Clinton Special Improvement District (“BLCSID”) for the Fiscal Year 2024 (January 1, 2024 through December 31, 2024) (“FY 2024”), in the amount of Seven Hundred Ninety Thousand Dollars and Zero Cents ($790,000.00) and scheduled a Public Hearing upon said budget for July 10, 2024, as required under N.J.S.A. 40:56-84; and
WHEREAS, the Department of Economic and Housing Development publicly advertised the proposed BLCSID budget for FY 2024 and the time and place for the July 10, 2024, hearing in the Star Ledger on June 28, 2024, which advertisement is at least ten (10) days prior to the hearing date of July 10,, 2024 as required by N.J.S.A. 40:56-84 (d); and
WHEREAS, the hearing date of Wednesday, July 10, 2024 is no less than twenty-eight (28) days from May 8, 2024 the date of the approved budget, as required by N.J.S.A. 40:56-84(e); and
WHEREAS, the BLCSID budget for FY 2024 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 Bergen Lyons Clinton Special Improvement District (“BLCSID”) budget for the fiscal year 2024 (January 1, 2024 through December 31, 2024) (“FY 2024”).
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 of Seven Hundred Ninety Thousand Dollars and Zero Cents ($790,000.00) for FY 2024 is estimated to be Five Hundred Thousand Dollars and Zero Cents ($500,000.00). BLCSID will obtain the balance of its Budget through grants and partnerships.
5. Each quarter, the Director of Finance shall pay 25% of the total special assessments for FY 2024 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 2024 in the amount of Seven Hundred Ninety Thousand Dollars and Zero Cents ($790,000.00) of which Five Hundred Thousand Dollars and Zero Cents ($500,000.00) shall be obtained through special assessments is hereby adopted.
8. The Municipal Council hereby ratifies its authorization of the adoption of the BLCSID budget from January 1, 2024, through the date of final adoption of this authorizing Resolution.
9. A copy of this Resolution and the BLCSID’s budget for FY 2024 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 Bergen Lyons Clinton Special Improvement District (BLCSIDs) Budget for the fiscal year 2024 (January 1, 2024 through December 31, 2024) (FY 2024), in the amount of Seven Hundred Ninety Thousand Dollars and Zero Cents ($790,000.00) of which Five Hundred Thousand Dollars and Zero Cents ($500,000.00) will be obtained through special assessments and adopt said budget, pursuant to N.J.S.A. 40:56-84, et seq.