Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2025 Annual Budget for Bloomfield Avenue - Lower Broadway Business Improvement District (BALB)
Purpose: Reading and Adopting the 2025 Annual Budget for Bloomfield Avenue - Lower Broadway Business Improvement District
Amount: $448,000.00
Budget Period: January 1, 2025 through December 31, 2025
Additional Information:
Budget Introduction authorized by Resolution 7R2-c adopted on March 5, 2025.
Public Hearing will be held on Wednesday, April 16, 2025, at 6:30 P.M.
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WHEREAS, on March 5, 2025, the Newark Municipal Council adopted Resolution 7R2-c, which introduced and approved the proposed budget of the Bloomfield Avenue - Lower Broadway Business Improvement District (“BALB”) for the Fiscal Year 2025, January 1, 2025 through December 31, 2025 (“FY 2025”), in the amount of Four Hundred Forty-Eight Thousand Dollars and Zero Cents ($448,000.00); and
WHEREAS, the Department of Economic and Housing Development scheduled a public hearing upon said budget for April 16, 2025,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 BALB budget for FY 2025 and the time and place for the April 16, 2025, hearing in the April 2, 2025, Star Ledger, which advertisement is at least ten (10) days prior to the hearing date of April 16, 2025, as required by N.J.S.A. 40:56-84 (d); and
WHEREAS, the Wednesday, April 16, 2025, hearing date, represents no less than twenty-eight (28) days from March 5, 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 posted the BALB 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 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 Bloomfield Avenue - Lower Broadway Business Improvement District (“BALB”) for the fiscal year 2025, January 1, 2025 through December 31, 2025 (FY 2025).
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 BALB Budget is estimated to be Four Hundred Forty-Eight Thousand Dollars and Zero Cents ($448,000.00), and shall be paid quarterly to the BALB in installments of 25% of the total estimated assessments by the Director of the Department of Finance.
4. The Director of the Department of Finance shall withhold from the quarterly payments to the BALB 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 BALB Budget for FY 2025 in the amount of Four Hundred Forty-Eight Thousand Dollars and Zero Cents ($448,000) is hereby adopted.
6. The Municipal Council hereby ratifies its authorization of the adoption of the BALB budget from January 1, 2025, through the date of adoption of this authorizing Resolution.
7. A copy of this Resolution and the BALB 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.
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 Bloomfield Avenue - Lower Broadway Business Improvement District (BALB) budget for the fiscal year 2025, January 1, 2025 through December 31, 2025 (FY 2025), in the amount of $448,000.00 and adopt said budget, pursuant to N.J.S.A. 40:56-84 et seq.