Title
Dept/ Agency: Economic & Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2016 Annual Budget for the Ironbound District Management Corporation (IBID)
Purpose: Reading & Adopting 2016 IBID Budget
Amount: $835,000.00
Budget Period: January 1, 2016 through December 31, 2016
Additional Information:
Budget Introduction authorized by Resolution #7R3-c 012016
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WHEREAS, on January 20, 2016, the Newark Municipal Council adopted Resolution 7R3-c, which introduced and approved the proposed budget of the Ironbound District Management Corporation (IBID) for the Year 2016 January 1, 2016 through December 31, 2016 ("FY 2016"), in the amount of $835,000.00 (Eight Hundred Thirty Five Thousand Dollars and Zero Cents), and scheduled a public hearing upon said budget for March 2, 2016, as required under N.J.S.A. 40:56-84, et seq.; and
WHEREAS, the proposed IBID budget for FY 2016 and the time and place for the March 2, 2016 hearing were publicly advertised in the Star Ledger on February 12, 2016 which date represents at least ten (10) days prior to the hearing date of March 2, 2016, as required by N.J.S.A 40:56-84(d); and
WHEREAS, the hearing date of Wednesday, March 2, 2016, represents no less than 28 days from January 20, 2016, the date of the approved budget, as required by N.J.S.A. 40:56-84 (e); and
WHEREAS, the IBID budget for FY 2016 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 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 the budget for the Ironbound District Management Corporation...
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