Title
Dept/ Agency: Economic & Housing Development
Action: ( X ) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2012 Annual Budget for Newark Downtown Special
Improvement District (Downtown SID)
Purpose: Reading & Adopting 2012 Downtown SID Budget
Amount: $ 2,174,405.00
Budget Period: January 1, 2012 through December 31, 2012
Additional Information:
Budget Introduction and approval authorized by Resolution #7R3-b (S) 031312
body
WHEREAS, on March 13, 2012, the Newark Municipal Council adopted Resolution 7R3-b (S) 031312, which introduced and approved the annual budget of the Newark Downtown District Management Corporation (“NDD”) for the fiscal year 2012 (“FY 2012”), in the amount of $2,174,405.00 and scheduled a public hearing upon said budget for Tuesday, May 22, 2012, as required under N.J.S.A.40:56-84, et seq.; and
WHEREAS, the NDD budget for the FY 2012 was publicly advertised in the Star Ledger on Friday, May 11, 2012, which date represents at least 10 days prior to the hearing date of May 22, 2012, as required by N.J.S.A. 40:56-84 (d); and
WHEREAS, the hearing date of Tuesday, May 22, 2012, represents no less than 28 days from March 13, 2012, the date of the approved budget, as required by N.J.S.A. 40:56-84 (e); and
WHEREAS, the NDD budget for FY 2012 was also 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 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 COUNCIL
OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The City Clerk is hereby authorized to read the Newark Downtown District budget for the fiscal year 2012 by title.
2. All the conditions outlined in paragraph (1) of N.J.S.A. 40:56-84 (f) have been satisfied.
3. The Newark Downtown District budget for FY 2012 in the amount of $2,174,405.00 is h...
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