Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2025 Annual Budget for the Ironbound Business Improvement District Management Corporation (IBID)
Purpose: Reading and Adopting the 2025 Ironbound Business Improvement District Budget.
Amount: $1,300,000.00
Budget Period: January 1, 2025 through December 31, 2025
Additional Information:
Budget Introduction authorized by Resolution 7R2-b adopted on March 19, 2025.
Public Hearing to be held on Wednesday, April 16, 2025 at 6:30 P.M.
body
WHEREAS, on March 19, 2025, the Municipal Council of the City of Newark ("Municipal Council") adopted Resolution 7R2-b (the "Introducing Resolution"), which introduced the proposed annual budget of the Ironbound Business Improvement District Management Corporation (IBID) for the Fiscal Year 2025 (January 1, 2025 through December 31, 2025) ("FY 2025"), in the amount of One Million Three Hundred Thousand and Zero Cents ($1,300,000.00); and
WHEREAS, on April 2, 2025, the Department of Economic and Housing Development publicly advertised the proposed IBID budget for FY 2025 and the time and place for the April 16, 2025, hearing in the Star Ledger, which advertisement date 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 hearing date of Wednesday, April 16, 2025, is no less than twenty-eight (28) days from March 19, 2025, the date of the approved budget, as required by N.J.S.A. 40:56-84 (e); and
WHEREAS, the IBID Budget for FY 2025 was 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/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 NEWAR...
Click here for full text