Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2018 Annual Budget for the Bergen Lyons Clinton Special Improvement District Management Corporation
Purpose: Reading and Adopting 2018 Bergen Lyons Clinton Special Improvement District Budget
Amount: $439,625.00
Budget Period: January 1, 2018 through December 31, 2018
Additional Information:
Budget Introduction authorized by Resolution 7R2-i (as) on April 4, 2018
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WHEREAS, on April 4, 2018, the Newark Municipal Council adopted Resolution 7R2-i(aAS), which introduced and approved the proposed budget of the Bergen Lyons Clinton (BLC) Special Improvement District Management Corporation for the Year 2018 (January 1, 2018 through December 31, 2018) (“FY 2018”), in the amount of Four Hundred Thirty-Nine Thousand, Six Hundred Twenty-Five Dollars and Zero Cents ($439,625.00) and scheduled a public hearing upon said budget for May 10, 2018 as required under N.J.S.A. 40:56-84 et seq.; and
WHEREAS, the proposed BLC budget for FY 2018 and the time and place for the May 10, 2018 hearing were publicly advertised in the Star Ledger on April 17, 2018, which date represents at least ten (10) days prior to the hearing date of May 10, 2018, as required by N.J.S.A. 40:56-84(d); and
WHEREAS, the hearing date of Thursday, May 10 2018, represents no less than 28 days from April 4, 2018, the date of the approved budget, as required by N.J.S.A. 40:56-84(e); and
WHEREAS, the BLC budget for FY 2018 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 budget by title for the BLC Special Improvement District Management Corporation (BLC) for the year January 1, 2018 through December 31, 2018 (FY 2018).
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 Three Hundred Fourteen Thousand, Six Hundred Twenty-Five Dollars and Zero Cents ($314,625.00) and the Director of Finance shall be pay over to the BLC in installments of 25% of the total estimated assessments quarterly. The budget balance of One Hundred Twenty-Five Thousand Dollars and Zero Cents ($125,000.00) is the sole responsibility of the BLC.
4. The City’s Finance Director shall withhold from the quarterly payments to the BLC an Administrative Fee of 1% of the amount of special assessments billed by the Tax Collector to support the Budget of the BLC.
5. The BLC’s Budget for FY 2018 in the amount of Four Hundred Thirty-Nine Thousand, Six Hundred Twenty-Five Dollars and Zero Cents ($439,625.00), is hereby adopted.
6. The Municipal Council hereby ratifies its authorization of this budget from January 1, 2018 through the date of adoption of this authorizing resolution.
7. A copy of this Resolution and the BLC’s budget for FY 2018 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, by title, the BLC Special Improvement District Management Corporation’s Budget for the fiscal year 2018 (January 1, 2018 through December 31, 2018), in the amount of Four Hundred Thirty-Nine Thousand, Six Hundred Twenty-Five Dollars and Zero Cents ($439,625.00), and adopt said budget, pursuant to N.J.S.A. 40:56-84 et seq.