Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2022 Annual Budget for Newark Downtown District Management Corporation (NDD)
Purpose: Introducing the 2022 Annual Budget for the Newark Downtown District Management Corporation.
Amount: $5,071,250.00
Budget Period: January 1, 2022 through December 31, 2022
Additional Information:
Ordinance 6PSF-c adopted on February 20, 2013.
Ordinance 6S&F-e adopted on September 2, 1998 created an expanded Downtown SID and changed regulations for the operations of the Downtown SID.
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WHEREAS, by Ordinance 6PSF-c, adopted on February 20, 2013, the Mayor of the City of Newark 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 Newark Downtown Special Improvement District ("Downtown SID") to provide supplemental services within the District and collect a special assessment on all affected property within the Downtown SID, which assessments shall be collected by the City of Newark, for the purpose of promoting the economic and general welfare of the Downtown SID and the municipality; and
WHEREAS, pursuant to Ordinance 6PSF-c, adopted on February 20, 2013, the Mayor of the city of Newark and the Municipal Council designated a non-profit corporation, the Newark Downtown Special Improvement District Management Corporation, ("Newark Downtown District Management Corporation") to serve as the management and operating organization for the Downtown SID; and
WHEREAS, the Newark Downtown District Management Corporation provides administrative and other services to benefit businesses, employees, residents, visitors and consumers in the Downtown SID and shall have all powers necessary and requisite to effectuate the purposes of Ordinance 6PSF-c, adopted on February 20, 2013, and the Downtown SID; and
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