Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing (X) Amending
Type of Service: Amending Resolution 7R2-e(S) adopted on May 25, 2021 to correct the 2021 Annual Budget amount for the Ironbound Business Improvement District (IBID)
Purpose: Amendment to correct the budget amount for the 2021 Budget Year from $920,000.00 to $940,000.00.
Amount: $940,000.00
Budget Period: January 1, 2021 through December 31, 2021
Additional Information:
Resolution 7R2-e(S) adopted on May 25, 2021 authorized the original 2021 Annual Budget Introduction for the Ironbound Business Improvement District (IBID).
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WHEREAS, on March 6, 2013, the Municipal Council adopted Ordinance 6PSF-b (the "Ordinance"), which repealed Ordinance 6S&Fn adopted on November 13, 2000, and Ordinance 6S&Fc adopted on May 7, 2003, and created and designated within the City of Newark a Special Improvement District pursuant to N.J.S.A. 40:56-65 et seq., to be known as the Ironbound Business Improvement District ("District"), and designated a District Management Corporation to create an expanded district and to change regulations for the operation of the Business Improvement District within the City of Newark as authorized pursuant to N.J.S.A. 40:56-65 et seq.; and
WHEREAS, pursuant to N.J.S.A. 40:56-80, the District Management Corporation must prepare an annual budget that includes an estimate of the annual costs of operating the District including a summary of the categories of cost property chargeable as follows:
(1) the amount of such costs to be charged against the general funds of the municipality, which shall be that amount which the municipality would pay from its general funds for street maintenance and operation on a street of similar size and location, but not improved in a Special Improvement District;
(2) the costs charged and assessed against properties within the District in proportion to the benefits conferred by t...
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