Title
Dept/ Agency: Economic & Housing Development
Action: (X ) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2014 Annual Budget for Newark Downtown District Management Corporation (SID)
Purpose: Reading & Adopting 2014 NDD Budget
Amount: $3,461,500.00
Budget Period: January 1, 2014 through December 31, 2014
Additional Information:
Budget Introduction authorized by Resolution 7R3-A 040214
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WHEREAS, on April 2, 2014, the Newark Municipal Council adopted Resolution 7R3-A, which introduced and approved the annual budget of the Newark Downtown District Management Corporation ("NDD") for the fiscal year 2014 (January 1, 2014 through December 31, 2014) ("FY 2014"), in the amount of $3,461,500.00, and scheduled a public hearing upon said budget for Wednesday, May 7, 2014, as required under N.J.S.A.40:56-84, et seq.; and
WHEREAS, the proposed NDD budget for FY 2014 and the time and place for the May 7, 2014 hearing were publicly advertised in the Star Ledger on Tuesday, April 23, 2014, which date represents at least 10 days prior to the hearing date of May 7, 2014, as required by N.J.S.A. 40:56-84 (d); and
WHEREAS, the hearing date of Wednesday, May 7, 2014, represents no less than 28 days from April 2, 2014, the date of the approved budget, as required by N.J.S.A. 40:56-84 (e); and
WHEREAS, the NDD budget for FY 2014 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 Newark Downtown District Management Corporation's ("NDD") budget for the fiscal year 2014 (January 1, 2014 through December 31, 2014) (FY 2014).
2. All the conditions outlined in paragraph (1) of N.J.S.A. 40:56-84 (f) have been satisfied.
3. The NDD's budget for FY 2014 in the amount of $3,461,500.00 is hereby adopted.
4. The City's Finance Director shall withhold from the quarterly payments to the NDD an Administrative Fee of 1% of the amount of special assessments billed by the Tax Collector to support the Budget of the District.
5. The Finance Director shall pay said amount of the special assessments set forth in the approved budget over to the Newark Downtown District Management Corporation in installments of 25% of the total assessments quarterly.
6. The Municipal Council hereby ratifies its authorization of the NDD budget from January 1, 2014 through the day of adoption of this authorizing resolution.
7. A copy of this Resolution and the NDD budget for FY 2014 shall be placed on file in the Office of the City Clerk.
8. The City Clerk's Office shall forward certified copies of this resolution to the Business Administrator, the Acting Director of Finance, Tax Collector and Tax Assessor.
9. This Resolution shall take effect upon adoption as required under the laws of the State of New Jersey.
Statement
Resolution ratifies and authorizes the City Clerk to read by title the Newark Downtown District Management Corporation's budget for the fiscal year 2014 (January 1, 2014 through December 31, 2014) (FY2014) , in the amount of $3,461,500.00, and adopt said budget, pursuant to N.J.S.A.40:56-84, et seq.