Title
Dept/ Agency: Economic & Housing Development
Action: (X ) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2016 Annual Budget for Ironbound Business
Improvement District (IBID)
Purpose: Introducing and Approving 2016 Annual Budget of the Ironbound Business Improvement District
Amount: $835,000.00
Budget Period: January 1, 2016 through December 31, 2016
Additional Information:
Ordinance 6PSF-b March 6, 2013 repealed Ordinances 6S&Fn adopted November 13, 2000 and Ordinance 6S&Fc adopted May 7, 2003 and created an expanded Ironbound Business Improvement District and changed regulations for the operation of the Ironbound Business Improvement District.
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WHEREAS, by Ordinance 6PSF-b, adopted on March 6, 2013 (the "Ordinance"), the Municipal Council repealed Ordinance 6S&Fn adopted November 13, 2000 and Ordinance 6S&Fc adopted May 7, 2003, and created and designated within the City of Newark a Special Improvement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 Ironbound Business Improvement District ("District"), and designated a District Management Corporation to create an expanded district and to change regulations for the operation of the Business Improvement district within the City of Newark as authorized pursuant to N.J.S.A. 40:56-65 et seq.; and
WHEREAS, in accordance with N.J.S.A. 40:56-80 and the provisions of the Ordinance 6PSF-b, adopted on March 6, 2013, the District Management Corporation must prepare an annual budget that includes an estimate of the annual costs of operating the District including a summary of the categories of cost property chargeable as follows:
(1) the amount of such costs to be charged against the general funds of the municipality, which shall be that amount which the municipality would pay from its general funds for street maintenance and operation on a street of similar size and location, but not improved in a special improve...
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