Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2020 Annual Budget for Mt. Prospect Avenue Neighborhood Improvement District Management Corporation for the Mt. Prospect Avenue Neighborhood Improvement District (MPANID)
Purpose: Reading and Adopting 2020 Annual Budget for Mt. Prospect Avenue Neighborhood Improvement District Management Corporation
Amount: $330,000.00
Budget Period: January 1, 2020 through December 31, 2020
Additional Information:
Budget Introduction authorized by Resolution 7R2-g(S) adopted on July 14, 2020.
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WHEREAS, on July 14, 2020 the Municipal Council adopted Resolution 7R2-g(S), which introduced and approved the proposed budget for Mt. Prospect Avenue Neighborhood Improvement District Management Corporation for the Mt. Prospect Avenue Neighborhood Improvement District (“MPANID”) (“FY 2020”), in the amount of Three Hundred Thirty Thousand Dollars and Zero Cents ($330,000.00), and
WHEREAS, the Department of Economic and Housing Development scheduled a public hearing upon said budget for August 18, 2020, 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 budget for the MPANID for FY 2020 and the time and place for the August 18, 2020 hearing in the Star Ledger on August 6, 2020, which date represents at least ten (10) days prior to the hearing date of August 18, 2020, as required by N.J.S.A. 40:56-84 (d); and
WHEREAS, the Tuesday, August 18, 2020 hearing date, represents no less than twenty-eight (28) days from July 14, 2020 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 MPANID for FY 2020 in a public place where public notices are customarily posted, within the basement area of Newark City Hall, and a copy of said budget 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 budget for Mt. Prospect Avenue Neighborhood Improvement District Management Corporation for the Mt. Prospect Avenue Neighborhood Improvement District (MPANID) for the fiscal year 2020, January 1, 2020 through December 31, 2020 (FY 2020).
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 budget for MPANID is estimated to be Three Hundred Thirty Thousand Dollars and Zero Cents ($330,000.00), and shall be paid over to the MPANID in installments of 25% of the total estimated assessments quarterly by the Director of the Department of Finance.
4. The Director of the Department of Finance shall withhold from the quarterly payments to the MPANID an Administrative Fee of 1% of the amount of special assessments billed by the Tax Collector to support the Budget of the MPANID.
5. The Budget for the MPANID for FY 2020 in the amount of Three Hundred Thirty Thousand Dollars and Zero Cents ($330,000.00), is hereby adopted.
6. The Municipal Council hereby ratifies its authorization of the adoption of this budget for the MPANID from January 1, 2020 through the date of adoption of this authorizing resolution.
7. A copy of this resolution and the budget for the for the MPANID for FY 2020 shall be placed on file by the Department of Economic and Housing Development with the Office of the City Clerk.
8. 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.
STATEMENT
This resolution ratifies and authorizes the City Clerk to read, by title, the budget for the Mt. Prospect Avenue Neighborhood Improvement District Management Corporation for the Mt. Prospect Avenue Neighborhood Improvement District (MPANID) for the fiscal year 2020 (January 1, 2020 through December 31, 2020), in the amount of Three Hundred Thirty Thousand Dollars and Zero Cents ($330,000.00), and adopt said budget, pursuant to N.J.S.A. 40:56-84 et seq.