Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2026 Annual Budget of Newark Alliance, Inc.
Purpose: Reading and Adopting the 2026 Annual Budget of Newark Alliance, Inc.
Amount: $2,267,850.00
Budget Period: January 1, 2026 through December 31, 2026
Additional Information:
Budget Introduction authorized by Resolution 7R2-i 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 Newark Municipal Council ("Municipal Council") adopted Resolution 7R2-i (the "Introducing Resolution"), which introduced the proposed annual budget of the Newark Alliance, Inc. (District Management Corporation") for the fiscal year 2026, (January 1, 2026, through December 31, 2026) ("FY 2026"), in the amount of Two Million Two Hundred Sixty-Seven Thousand Eight Hundred Fifty Dollars and Zero Cents ($2,267,850.00), of which Two Million Twelve Thousand Eight Hundred Fifty Dollars and Zero Cents ($2,012,850.00) shall be supported by income from the Special Improvement District, and the remaining Two Hundred Fifty-Five Thousand Dollars and Zero Cents ($255,000.00) shall be supported by a Destination Marketing Organization Grant; and
WHEREAS, 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 District Management Corporation's Budget for FY 2026 and the time and place for the April 28, 2026, Public Hearing in the Star Ledger on April 14, 2026, which advertisement date is at least ten (10) days prior to the Public 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 Public Hearing date, is no less than twenty-eight (28) days from Feb...
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