Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2014 Annual Budget for BLC Special Improvement District
Purpose: Introducing and Approving 2014 Annual Budget of the BLC Special Improvement District in the estimated amount of $551,719.00 for the calendar year 2014 (January 1, 2014 through December 31, 2014), $305,460.00 from assessment and $246,259.00 from private/public contributions.Amount: $551,719.00
Budget Period: January 1, 2014 through December 31, 2014
Additional Information:
- The amount anticipated to be raised by the special assessments to support the Budget of the District is estimated to be $305,460.00.
- $246,259.00 of the SID budget is from private and other public sources and is the sole responsibility of the BLCSID Partnership, Inc.
- Ordinance 6PSF-b April 17, 2013; created the BLC Special Improvement District in the South Ward.
Note: Public Hearing to be held on December 4, 2013
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WHEREAS, by Ordinance 6PSF-b, adopted on April 17, 2013, the Mayor and the Municipal Council created and designated within the City of Newark a special improvement district authorized pursuant to N.J.S.A. 40:56-65 et. seq. (the "Ordinance"), to be known as the BLC Special Improvement District (the "District") to provide supplemental services within the District and collect a special assessment on all affected property within the District, which assessments shall be collected by the City of Newark, for the purpose of promoting the economic and general welfare of the District and the municipality; and
WHEREAS, the Mayor and the Municipal Council designated a non-profit corporation, the BLCSID Partnership, Inc., as the district management corporation for the District ("the District Management Corporation"), pursuant to the Ordinance 6PSF-b, adopted on April 17, 2013, and N.J.S.A. 40:56-65 (c); and
WHEREAS, the Dist...
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