Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2021 Annual Budget for the Ironbound Business Improvement District Management Corporation (IBID)
Purpose: Reading and Adopting the 2021 Ironbound Business Improvement District Budget
Amount: $940,000.00
Budget Period: January 1, 2021 through December 31, 2021
Additional Information:
Budget Introduction authorized by Resolution 7R2-e(S) adopted on May 25, 2021, and Resolution 7R2-j(S) adopted on July 20, 2021, correcting the budget amount.
No Action Taken 7R2-p (s) 081721
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WHEREAS, on May 25, 2021, the Municipal Council of the City of Newark ("Municipal Council") adopted Resolution 7R2-e(S) ("Introducing Resolution"), which introduced the proposed annual budget of the Ironbound Business Improvement District Management Corporation (IBID) for the Fiscal Year 2021 (January 1, 2021 through December 31, 2021) ("FY 2021"), in the amount of Nine Hundred Twenty Thousand Dollars and Zero Cents ($920,000.00); and
WHEREAS, the Introducing Resolution incorrectly referenced the IBID FY2021 Budget as Nine Hundred Twenty Thousand Dollars and Zero Cents ($920,000.00); and
WHEREAS, the Municipal Council thereafter adopted Amending Resolution 7R2-j(S) on July 20, 2021, correcting the IBID FY2021 Budget amount to Nine Hundred Forty Thousand Dollars and Zero Cents ($940,000.00) and scheduled a public hearing upon said budget for August 17, 2021, as required under N.J.S.A. 40:56-84; and
WHEREAS, the Department of Economic and Housing Development publicly advertised the proposed budget for the IBID for FY 2021 and the time and place for the August 17, 2021, hearing in the Star Ledger on August 6, 2021, which advertisement date is at least ten (10) days prior to the hearing date of August 17, 2021, as required by N.J.S.A. 40:56-84 (d); and
WHEREAS, the hearing date of Tuesday, August 1...
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