Title
Dept/ Agency: Economic & Housing Development
Action: ( X ) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2014 Annual Budget for the BLC Special Improvement District Management Corporation (IBID)
Purpose: Reading & Adopting 2014 BLC Budget
Amount: $551,719.00
Budget Period: January 1, 2014 through December 31, 2014
Additional Information:
Budget Introduction authorized by Resolution # 7R3-B (s) 112613
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WHEREAS, on November 26, 2013, the Newark Municipal Council adopted Resolution 7R3-B (s), which introduced and approved the proposed budget of the BLC Special Improvement District Management Corporation (BLC) for the Year 2014 January 1, 2014 through December 31, 2014 ("FY 2014"), in the amount of $551,719.00, and scheduled a public hearing upon said budget for January 8, 2014, as required under N.J.S.A.40:56-84, et seq.; and
WHEREAS, the proposed BLC budget for FY 2014 and the time and place for the January 8, 2014 hearing were publicly advertised in the Star Ledger on December 17, 2013, which date represents at least ten (10) days prior to the hearing date of January 8, 2014, as required by N.J.S.A 40:56-84 (d); and
WHEREAS, the hearing date of Wednesday, January 8, 2014, represents no less than 28 days from November 26, 2013, the date of the approved budget, as required by N.J.S.A. 40:56-84 (e); and
WHEREAS, the BLC budget for FY 2014 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 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 COUNCIL OF THE CITY OF NEWARK, NEW JERSEY THAT:
1. The City Clerk is hereby authorized to read the BLC Special Improvement District Management Corporation's budget for the year January 1, 2014 through December 31, 2014 (FY 2014) by title.
2. All of the conditions outlined in paragraph (1) of N.J.S.A. 40:56-84(f) have been satisfied.
3. The amount anticipated to be raised by the special assessments to support the Budget of the District is estimated to be $305,460.00 and shall be paid over to the District Management Corporation in installments of 25% of the total estimated assessments quarterly.
4. The City's Finance Director shall withhold from the quarterly payments to the District Management Corporation an Administrative Fee of 1% of the amount of special assessments billed by the Tax Collector to support the Budget of the District.
5. The BLC Special Improvement District Management Corporation's Budget for FY 2014 in the amount of $551,719.00 is hereby adopted.
6. The Municipal Council hereby ratifies its authorization of this budget from January 1, 2014 through the date of adoption of this authorizing resolution.
7. A copy of this Resolution and the BLC Special Improvement District Management Corporation's budget for FY 2014 shall be placed on filed with the Office of the City Clerk.
8. The City Clerk's Office shall forward certified copies of this resolution to the Business Administrator, the Director of Finance, Tax Collector and Tax Assessor.
9. This Resolution shall take effect upon adoption as required under the Laws of the State of New Jersey.
STATEMENT
This resolution ratifies and authorizes the City Clerk to read the BLC Special Improvement District Management Corporation's Budget for the fiscal year 2014 (January 1, 2014 through December 31, 2014), in the amount of $551,719.00, by title and adopt said budget, pursuant to N.J.S.A.40:56-84, et seq.