Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2025 Annual Budget of Newark Alliance, Inc.
Purpose: Reading and Adopting the 2025 Annual Budget of Newark Alliance, Inc.
Amount: $2,312,850.00
Budget Period: January 1, 2025 through December 31, 2025
Additional Information:
Budget Introduction authorized by Resolution 7R2-e adopted on September 4, 2025.
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WHEREAS, on September 4, 2025, the Newark Municipal Council ("Municipal Council") adopted Resolution 7R2-e, which introduced the proposed annual budget of the Newark Alliance, Inc. (District Management Corporation") for the fiscal year 2025, (January 1, 2025, through December 31, 2025) ("FY 2025"), in the amount of Two Million Six Hundred Forty Thousand Three Hundred Sixteen Dollars and Zero Cents ($2,640,316.00), of which Two Million Three Hundred Twelve Thousand Eight Hundred Fifty Dollars and Zero Cents ($2,312,850.00) shall be supported by income from the Special Improvement District, and directed the Department of Economic and Housing Development to schedule a Public Hearing on the Budget as required under N.J.S.A. 40:56-84, et seq.; and
WHEREAS, the Department of Economic and Housing Development publicly advertised the proposed District Management Corporation's Budget for FY 2025 and the time and place for the October 22, 2025, Public Hearing in the Star Ledger on October 8, 2025, which advertisement date is at least ten (10) days prior to the Public Hearing date of October 22, 2025, as required by N.J.S.A. 40:56-84 (d); and
WHEREAS, the hearing date of Wednesday, October 22, 2025 Public Hearing date, is no less than twenty-eight (28) days from September 4, 2025, the date of the approved Budget, as required by N.J.S.A. 40:56-84 (e); and
WHEREAS, the Department of Economic and Housing Development also posted the District Management Corporation's Budget for FY 2025 in a pu...
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