Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2025 Annual Budget for the Newark Downtown District Management Corporation (NDD)
Purpose: Reading and Adopting the 2025 Annual Budget of Newark Downtown District.
Amount: $8,335,000.00
Budget Period: January 1, 2025 through December 31, 2025
Additional Information:
Budget Introduction authorized by Resolution 7R2-p adopted on August 6, 2025.
Public Hearing will be held during the Municipal Council Meeting on Thursday, September 4, 2025, at 12:30 P.M. in the Council Chamber.
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WHEREAS, on August 6, 2025, the Newark Municipal Council ("Municipal Council") adopted Resolution 7R2-p, which introduced the proposed annual budget of the Newark Downtown District Management Corporation ("NDD") for the fiscal year 2025, (January 1, 2025, through December 31, 2025), ("FY 2025"), in the amount of Eight Million, Three Hundred Thirty-Five Thousand, Dollars and Zero Cents ($8,335,000.00), 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 NDD Budget for FY 2025 and the time and place for the September 4, 2025, Public Hearing in the Star Ledger on August 15, 2025, which advertisement date is at least ten (10) days prior to the Public Hearing date of September 4, 2025 as required by N.J.S.A. 40:56-84 (d); and
WHEREAS, the Thursday, September 4, 2025 Public Hearing date, is no less than twenty-eight (28) days from August 6, 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 posted the NDD Budget for FY 2025 in a public place where public notices are customarily posted, within the basement area of Newark City Hal...
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