Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2026 Annual Budget for the Ironbound Business Improvement District Management Corporation (IBID)
Purpose: Reading and Adopting the 2026 Ironbound Business Improvement District Budget.
Amount: $1,390,000.00
Budget Period: January 1, 2026 through December 31, 2026
Additional Information:
Budget Introduction authorized by Resolution 7R2-e adopted on February 18, 2026.
Public Hearing to be held on Tuesday, April 28, 2026 at 10:00 A.M.
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WHEREAS, on February 18, 2026, the Municipal Council of the City of Newark ("Municipal Council") adopted Resolution 7R2-e (the "Introducing Resolution"), which introduced the proposed annual budget of the Ironbound Business Improvement District Management Corporation (IBID) for the Fiscal Year 2026 (January 1, 2026 through December 31, 2026) ("FY 2026"), in the amount of One Million Three Hundred Ninety Thousand Dollars and Zero Cents ($1,390,000.00); and
WHEREAS, on April 14, 2026, the Department of Economic and Housing Development publicly advertised the proposed IBID budget for FY 2026 and the time and place for the April 28, 2026, hearing in the Star Ledger, which advertisement date is at least ten (10) days prior to the hearing date of April 28, 2026, as required by N.J.S.A. 40:56-84 (d); and
WHEREAS, the hearing date of Tuesday, April 28, 2026, is no less than twenty-eight (28) days from February 18, 2026, the date of the approved budget, as required by N.J.S.A. 40:56-84 (e); and
WHEREAS, the IBID Budget for FY 2026 was posted in a public place where public notices are customarily posted, within the basement area of Newark City Hall, and a copy of said Budget was/will be made available to those persons requesting same during the week prior to and the day of the public hearing.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCI...
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