Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2026 Annual Budget of Newark Alliance, Inc.
Purpose: Reading and Adopting the 2026 Annual Budget of Newark Alliance, Inc.
Amount: $2,267,850.00
Budget Period: January 1, 2026 through December 31, 2026
Additional Information:
Budget Introduction authorized by Resolution 7R2-i adopted on February 18, 2026
Public Hearing to be held on Tuesday, April 28, 2026 at 10:00 A.M.
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WHEREAS, on February 18, 2026, the Newark Municipal Council (“Municipal Council”) adopted Resolution 7R2-i (the “Introducing Resolution”), which introduced the proposed annual budget of the Newark Alliance, Inc. (District Management Corporation”) for the fiscal year 2026, (January 1, 2026, through December 31, 2026) (“FY 2026”), in the amount of Two Million Two Hundred Sixty-Seven Thousand Eight Hundred Fifty Dollars and Zero Cents ($2,267,850.00), of which Two Million Twelve Thousand Eight Hundred Fifty Dollars and Zero Cents ($2,012,850.00) shall be supported by income from the Special Improvement District, and the remaining Two Hundred Fifty-Five Thousand Dollars and Zero Cents ($255,000.00) shall be supported by a Destination Marketing Organization Grant; and
WHEREAS, 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 2026 and the time and place for the April 28, 2026, Public Hearing in the Star Ledger on April 14, 2026, which advertisement date is at least ten (10) days prior to the Public Hearing date of April 28, 2026, as required by N.J.S.A. 40:56-84 (d); and
WHEREAS, the hearing date of Tuesday, April 28, 2026 Public Hearing date, is no less than twenty-eight (28) days from February 18, 2026, 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 2026 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 2026, January 1, 2026 through December 31, 2026 (FY 2026).
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 2026 is estimated to be Two Million Twelve Thousand Eight Hundred Fifty Dollars and Zero Cents ($2,012,850.00), and shall be paid quarterly over to the District Management Corporation in installments of 25% of the total estimated assessments by the Director of Department of Finance.
5. 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.
6. The District Management Corporation’s Budget for FY 2026 in the amount of Two Million Two Hundred Sixty-Seven Thousand Eight Hundred Fifty Dollars and Zero Cents ($2,267,850.00), of which Two Million Twelve Thousand Eight Hundred Fifty Dollars and Zero Cents ($2,012,850.00) shall be supported by income from the Special Improvement District is hereby adopted. The remaining Two Hundred Fifty-Five Thousand Dollars and Zero Cents ($255,000.00) shall be supported by a Destination Marketing Organization Grant.
7. The Municipal Council hereby ratifies its authorization of the adoption of the District Management Corporation’s Budget from January 1, 2026, through the date of adoption of this authorizing Resolution.
8. A copy of this Resolution and the District Management Corporation’s Budget for FY 2026 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.
9. 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 Newark Alliance, Inc.’s (District Management Corporation) Budget for the fiscal year 2026 (January 1, 2026 through December 31, 2026) (FY 2026), in the amount of $2,267,850.00, and adopt said Budget, pursuant to N.J.S.A. 40:56-84, et seq.