Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2018 Annual Budget for Partnership West, Inc. Special Improvement District Management Corporation
Purpose: Introducing and Approving the 2018 Annual Budget for the West Ward Special Improvement District
Amount: $500,000.00
Budget Period: January 1, 2018 through December 31, 2018
Additional Information:
Ordinance 6PSF-a adopted on December 21, 2016, created the West Ward Special Improvement District in the West Ward.
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WHEREAS, by Ordinance 6PSF-a, adopted on December 21, 2016 (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 West Ward 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 Partnership West, Inc. Special Improvement District Management Corporation., 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, the District Management Corporation must prepare a detailed annual budget that includes an estimate of the annual costs of operating the D...
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