File #: 17-2182    Version: 1 Name: NDD 2018 Budget Introduction
Type: Resolution Status: Adopted
File created: 12/13/2017 In control: Economic and Housing Development
On agenda: 1/24/2018 Final action: 1/24/2018
Title: Dept/ Agency: Economic and Housing Development Action: (X) Ratifying (X) Authorizing ( ) Amending Type of Service: 2018 Annual Budget for Newark Downtown Special Improvement District (Downtown SID) Purpose: Introducing and Approving the 2018 Annual Budget for the Downtown Special Improvement District Amount: $5,071,250.00 Budget Period: January 1, 2018 through December 31, 2018 Additional Information: Ordinance 6PSF-c adopted on February 20, 2013 repealed Ordinance 6S&Fe adopted on September 2, 1998 created an expanded Downtown SID and changed regulations for the operations of the Downtown SID
Sponsors: Gayle Chaneyfield Jenkins, Carlos M. Gonzalez
Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2018 Annual Budget for Newark Downtown Special
Improvement District (Downtown SID)
Purpose: Introducing and Approving the 2018 Annual Budget for the Downtown Special Improvement District
Amount: $5,071,250.00
Budget Period: January 1, 2018 through December 31, 2018
Additional Information:
Ordinance 6PSF-c adopted on February 20, 2013 repealed
Ordinance 6S&Fe adopted on September 2, 1998 created an expanded Downtown SID and changed regulations for the operations of the Downtown SID
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WHEREAS, by Ordinance 6PSF-c, adopted on February 20, 2013, the Mayor and the Municipal Council created and designated, within the City of Newark, a Special Improvement District authorized pursuant to N.J.S.A. 40:56-65 et seq., to be known as the Newark Downtown Special Improvement District ("Downtown SID") to provide supplemental services within the District and collect a special assessment on all affected property within the Downtown SID, which assessments shall be collected by the City of Newark, for the purpose of promoting the economic and general welfare of the Downtown SID and the municipality; and

WHEREAS, pursuant to Ordinance 6PSF-c, adopted on February 20, 2013, the Mayor and the Municipal Council designated a non-profit corporation, the Newark Downtown Special Improvement District Management Corporation, ("Newark Downtown District Management Corporation") to serve as the management and operating organization (the property list for the Downtown SID are attached hereto as "Exhibit A" and made a part of this resolution); and

WHEREAS, the Newark Downtown District Management Corporation provides administrative and other services to benefit businesses, employees, residents, visitors and consumers in the Downtown SID and shall have all powers necessary and requisite to effectuate the purposes of Ordinance 6...

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