Title
AN ORDINANCE AMENDING TITLE X, FINANCE AND TAXATION, CHAPTER 32, SPECIAL IMPROVEMENT DISTRICTS, SUBCHAPTER 3, NEWARK DOWNTOWN SPECIAL IMPROVEMENT DISTRICT, OF THE REVISED GENERAL ORDINANCES OF THE CITY OF NEWARK, NEW JERSEY, 2000, AS AMENDED AND SUPPLEMENTED, BY AMENDING THE PROPERTIES INCLUDED IN NEWARK DOWNTOWN SPECIAL IMPROVEMENT DISTRICT AND REMOVE THE RESIDENTIAL (CLASS 2) PROPERTIES INCLUDED IN THE EXPANSION AREA AND TO CLARIFY THE 1% ADMINISTRATIVE FEE WITHHELD FROM EACH QUARTERLY PAYMENT.
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WHEREAS, the City of Newark (the "City") is a municipal corporation organized and existing under the laws of the State of New Jersey and located in Essex County; and
WHEREAS, on February 20, 2013, the Municipal Council, pursuant to N.J.S.A. 40:56-65 et seq., adopted Ordinance 6PSF-c, creating a Special Improvement District in a portion of the Central Business District of the City (the "SID") and designated the Newark Downtown District Management Corporation (the "NDD") as the district management corporation to manage the SID; and
WHEREAS, on November 22, 2022, the Municipal Council adopted Ordinance 6PSF-b(S), which expanded the properties included in the SID and clarified the responsibilities and powers of the NDD; and
WHEREAS, on February 15, 2023, the Municipal Council adopted Ordinance 6PSF-c, which permitted the Tax Collector to withhold from each quarterly payment an Administrative Fee of 1% of the amount actually collected by the Tax Collector from the properties included in the SID; and
WHEREAS, the NDD, the Mayor of the City of Newark, and the Municipal Council wish to amend the properties included in the SID to remove the Residential (Class 2) Properties included in the expansion area as set forth in Schedule C, attached hereto and made a part hereof and clarify the Administrative Fee to reflect 1% of the amount actually billed by the Tax Collector.
NOW, THEREFORE, BE IT ORDAINED B...
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