Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2015 Annual Budget for Newark Downtown Special
Improvement District (Downtown SID)
Purpose: Introducing and Approving 2015 Downtown SID Budget
Amount: $3,893,350.00
Budget Period: January 1, 2015 through December 31, 2015
Additional Information:
Ordinance 6PSF-c 022013 repealed Ordinance 6S&FE 090298 and created an expanded Downtown SID and changed regulations for the operations of the Downtown SID
body
WHEREAS, by Ordinance 6PSF-c, adopted on February 20, 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., to be known as the Newark Downtown Special Improvement District ("Downtown SID") to provide supplemental services within the District and collect a special assessment on all affected property within the Downtown SID, which assessments shall be collected by the City of Newark, for the purpose of promoting the economic and general welfare of the Downtown SID and the municipality; and
WHEREAS, pursuant to Ordinance 6PSF-c, adopted on February 20, 2013, the Mayor and the Municipal Council designated a non-profit corporation, the Newark Downtown Special Improvement District Management Corporation, ("Newark Downtown District Management Corporation") to serve as the management and operating organization (the property boundaries for the Downtown SID are attached hereto as "Exhibit A" and made a part of this resolution; and
WHEREAS, the Newark Downtown District Management Corporation provides administrative and other services to benefit businesses, employees, residents, visitors and consumers in the Downtown SID and shall have all powers necessary and requisite to effectuate the purposes of the Ordinance 6PSF-c, adopted on February 20, 2013, and the Downtown SID; an...
Click here for full text