Title
Dept/ Agency: Economic & Housing Development
Action: (X ) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2016 Annual Budget for the BLCSID Partnership, Inc.
Purpose: Introducing and Approving the BLC Special Improvement District Budget
Amount: $426,719.00
Budget Period: January 1, 2016 through December 31, 2016
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.
- $121,259.00 of the SID budget is from private sources and is the sole responsibility of the BLCSID Partnership, Inc.
- Ordinance 6PSF-b, adopted April 17, 2013, created the BLC Special Improvement District in the South Ward.
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WHEREAS, by Ordinance 6PSF-b, adopted on April 17, 2013 (the "Ordinance"), 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 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 and N.J.S.A. 40:56-65 (c); and
WHEREAS, the District Management Corporation provides administrative and other services to benefit businesses, employees, residents, visitors and consumers in the District 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, th...
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