Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2025 Annual Budget for Partnership West, Inc.
Purpose: Introduction of the 2025 Annual Budget for the West Ward Special Improvement District known as Partnership West, Inc.
Amount: $500,000.00
Budget Period: January 1, 2025 through December 31, 2025
Additional Information:
Ordinance 6PSF-a adopted on December 21, 2016, authorized the creation of the West Ward Special Improvement District in the West Ward.
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WHEREAS, on December 21, 2016, the Newark Municipal Council adopted Ordinance 6PSF-a (the "Ordinance"), which created and designated within the City of Newark a special improvement district authorized pursuant to N.J.S.A. 40:56-65 et seq., to be known as the West Ward Special Improvement District (the "District"); and
WHEREAS, pursuant to the Ordinance and N.J.S.A. 40:56-65(c), Partnership West, Inc. ("the District Management Corporation"), a non-profit corporation, was designated by the Ordinance as the district management corporation for the District; and
WHEREAS, the District Management Corporation provides administrative and other services to benefit businesses, employees, residents, visitors and consumers in the District, assists in promoting economic growth and employment, and shall have all powers necessary and requisite to effectuate the purposes of the Ordinance; and
WHEREAS, in accordance with N.J.S.A. 40:56-80, the Municipal Council must review and approve a report of estimated costs and proposed assessments and fees to be charged for the operation of the District for the fiscal year; and
WHEREAS, in accordance with Section 6 of the Ordinance, the District Management Corporation shall submit a detailed business plan and budget for the upcoming year, including a report explaining how the budget contributes to the goals and objectives of the District, for a...
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