Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2025 Annual Budget of Newark Alliance, Inc.
Purpose: Reading and Adopting the 2025 Annual Budget of Newark Alliance, Inc.
Amount: $2,312,850.00
Budget Period: January 1, 2025 through December 31, 2025
Additional Information:
Budget Introduction authorized by Resolution 7R2-e adopted on September 4, 2025.
body
WHEREAS, on September 4, 2025, the Newark Municipal Council (“Municipal Council”) adopted Resolution 7R2-e, which introduced the proposed annual budget of the Newark Alliance, Inc. (District Management Corporation”) for the fiscal year 2025, (January 1, 2025, through December 31, 2025) (“FY 2025”), in the amount of Two Million Six Hundred Forty Thousand Three Hundred Sixteen Dollars and Zero Cents ($2,640,316.00), of which Two Million Three Hundred Twelve Thousand Eight Hundred Fifty Dollars and Zero Cents ($2,312,850.00) shall be supported by income from the Special Improvement District, 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, the Department of Economic and Housing Development publicly advertised the proposed District Management Corporation’s Budget for FY 2025 and the time and place for the October 22, 2025, Public Hearing in the Star Ledger on October 8, 2025, which advertisement date is at least ten (10) days prior to the Public Hearing date of October 22, 2025, as required by N.J.S.A. 40:56-84 (d); and
WHEREAS, the hearing date of Wednesday, October 22, 2025 Public Hearing date, is no less than twenty-eight (28) days from September 4, 2025, 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 also posted the District Management Corporation’s Budget for FY 2025 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 and 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 Newark Alliance, Inc.’s (“District Management Corporation”) Budget for the fiscal year 2025, January 1, 2025 through December 31, 2025 (FY 2025).
2. All 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 the District Management Corporation’s Budget for FY 2025 is estimated to be Two Million Three Hundred Twelve Thousand Eight Hundred Fifty Dollars and Zero Cents ($2,312,850.00).
5. Each quarter, the Director of the Department of Finance shall pay 25% of the total special assessments for FY 2025, as set forth in the approved Budget to the District Management Corporation.
6. The Director of the Department of Finance shall withhold from the quarterly payments to the District Management Corporation an Administrative Fee of 1% of the amount of special assessments billed by the Tax Collector to support the Budget of the District Management Corporation.
7. The District Management Corporation’s Budget for FY 2025 in the amount of Two Million Six Hundred Forty Thousand Three Hundred Sixteen Dollars and Zero Cents ($2,640,316.00), of which Two Million Three Hundred Twelve Thousand Eight Hundred Fifty Dollars and Zero Cents ($2,312,850.00) shall be supported by income from the Special Improvement District is hereby adopted.
8. The Municipal Council hereby ratifies its authorization of the adoption of the District Management Corporation’s Budget from January 1, 2025, through the date of adoption of this authorizing Resolution.
9. A copy of this Resolution and the District Management Corporation’s Budget for FY 2025 shall be placed on file in the Office of the City Clerk by the Deputy Mayor/Director of the Department of Economic and Housing Development.
10. The Office of the City Clerk 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 Newark Alliance, Inc.’s (District Management Corporation) Budget for the fiscal year 2025 (January 1, 2025 through December 31, 2025) (FY 2025), in the amount of $2,312,850.00, and adopt said Budget, pursuant to N.J.S.A. 40:56-84, et seq.