Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2020 Annual Budget for the Ironbound Business Improvement District Management Corporation (IBID)
Purpose: Reading and Adopting the 2020 Annual Budget of the Ironbound Business Improvement District
Amount: $885,650.00
Budget Period: January 1, 2020 through December 31, 2020
Additional Information:
Budget Introduction authorized by Resolution 7R2-f(S) adopted on July 14, 2020.
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WHEREAS, on July 14, 2020, the Municipal Council adopted Resolution 7R2-f(S), which introduced the proposed annual budget of the Ironbound Business Improvement District Management Corporation (IBID) for the Fiscal Year 2020 (January 1, 2020 through December 31, 2020) ("FY 2020"), in the amount of Eight Hundred Eighty-Five Thousand Six Hundred Fifty Dollars and Zero Cents ($885,650.00), and scheduled a Public Hearing upon said budget for August 18, 2020, as required under N.J.S.A. 40:56-84, et seq.; and
WHEREAS, the Department of Economic and Housing Development publicly advertised the proposed IBID budget for FY 2020 and the time and place for the August 18, 2020, hearing in the Star Ledger on August 6, 2020, which advertisement is at least ten (10) days prior to the hearing date of August 18, 2020, as required by N.J.S.A. 40:56-84(d); and
WHEREAS, the hearing date of Tuesday, August 18, 2020, is no less than twenty-eight (28) days from July 14, 2020, the date of the approved budget, as required by N.J.S.A. 40:56-84(e); and
WHEREAS, the IBID Budget for FY 2020 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 was 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...
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