Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2024 Annual Budget for Greater Newark Tourism Improvement District Management Corporation d/b/a The Greater Newark Convention and Visitors Bureau ("Bureau")
Purpose: Reading and Adopting 2024 Annual Budget for The Greater Newark Convention and Visitors Bureau.
Amount: $2,195,766.00
Budget Period: January 1, 2024 through December 31, 2024
Additional Information:
Budget Introduction authorized by Resolution 7R2-k adopted on April 10, 2024.
Public Hearing to be held on Wednesday, May 22, 2024 at 6:30 P.M. in the Council Chamber.
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WHEREAS, on April 10, 2024, the Newark Municipal Council ("Municipal Council") adopted Resolution 7R2-k, which introduced and approved the proposed annual budget of Greater Newark Tourism Improvement District Management Corporation d/b/a The Greater Newark Convention and Visitors Bureau ("Bureau") for the fiscal year 2024, January 1, 2024 through December 31, 2024 ("FY 2024"), in the amount of Two Million Five Hundred Seventy-Seven Thousand Eight Hundred Nineteen Dollars and Zero Cents ($2,577,819.00), of which Two Million One Hundred Ninety Five Thousand Seven Hundred Sixty-Six Dollars and Zero Cents ($2,195,766.00) will be supported by the special assessments, Three Hundred Eighty-One Thousand Three Hundred Thirty-Three Dollars and Zero Cents ($381,333.00) shall be obtained through grants, and Seven Hundred Twenty Dollars and Zero Cents ($720.00) will be obtained from the Bureau's Miscellaneous Income, subject to a public hearing upon said budget, as required under N.J.S.A. 40:56-84; and
WHEREAS, the Department of Economic and Housing Development publicly advertised the proposed Bureau's budget for FY 2024 and the time and place for the May 22, 2024 hearing in the Star Ledger on May 12 2024, which advertisement is at least ten (10) days prior to the hearing date of May 22, 2024...
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