Share to Facebook Share to Twitter Bookmark and Share
File #: 22-1142    Version: 1 Name: Bloomfield Avenue-Lower Broadway BID 2022 Budget Adoption
Type: Resolution Status: Adopted
File created: 8/8/2022 In control: Economic and Housing Development
On agenda: 9/8/2022 Final action: 9/8/2022
Title: Dept/ Agency: Economic and Housing Development Action: (X) Ratifying (X) Authorizing ( ) Amending Type of Service: 2022 Annual Budget for Bloomfield Avenue - Lower Broadway Business Improvement District (BALB) Purpose: Reading and Adopting the 2022 Annual Budget for Bloomfield Avenue - Lower Broadway Business Improvement District (BALB) Amount: $448,000.00 Budget Period: January 1, 2022 through December 31, 2022 Additional Information: Budget Introduction authorized by Resolution 7R2-m adopted on July 13, 2022.
Sponsors: Council of the Whole

Title

Dept/ Agency:  Economic and Housing Development

Action:  (X) Ratifying     (X) Authorizing     (   ) Amending

Type of Service: 2022 Annual Budget for Bloomfield Avenue - Lower Broadway Business Improvement District (BALB)

Purpose: Reading and Adopting the 2022 Annual Budget for Bloomfield Avenue - Lower Broadway Business Improvement District (BALB)

Amount: $448,000.00

Budget Period:  January 1, 2022 through December 31, 2022

Additional Information: 

Budget Introduction authorized by Resolution 7R2-m adopted on July 13, 2022.

 

body

 

WHEREAS, on July 13, 2022, the Municipal Council adopted Resolution 7R2-m, which introduced and approved the proposed budget of the Bloomfield Avenue - Lower Broadway Business Improvement District (“BALB”) for the Fiscal Year 2022, January 1, 2022 through December 31, 2022 (“FY 2022”), in the amount of Four Hundred Forty-Eight Thousand Dollars and Zero Cents ($448,000.00); and

 

WHEREAS, the Department of Economic and Housing Development scheduled a public hearing upon said budget for September 8, 2022, 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 BALB budget for FY 2022 and the time and place for the September 8, 2022, hearing in the August 22, 2022, Star Ledger, which advertisement is at least ten (10) days prior to the hearing date of September 8, 2022, as required by N.J.S.A. 40:56-84 (d); and

 

WHEREAS,                      the Thursday, September 8, 2022 hearing date, represents no less than twenty-eight (28) days from July 13, 2022, the date of the approved budget, as required by N.J.S.A. 40:56-84 (e); and

 

WHEREAS, the Department of Economic and Housing Development posted the BALB budget for FY 2022 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 Acting City Clerk is hereby authorized to read, by title, the budget for Bloomfield Avenue - Lower Broadway Business Improvement District (“BALB”) for the fiscal year 2022, January 1, 2022 through December 31, 2022 (FY 2022).

 

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 BALB Budget is estimated to be Four Hundred Forty-Eight Thousand Dollars and Zero Cents ($448,000.00), and shall be paid quarterly to the BALB in installments of 25% of the total estimated assessments by the Director of the Department of Finance.

 

4.                     The Director of the Department of Finance shall withhold from the quarterly payments to the BALB an Administrative Fee of 1% of the amount of special assessments billed by the Tax Collector to support the Budget of the District.

 

5.                     The BALB Budget for FY 2022 in the amount of Four Hundred Forty-Eight Thousand Dollars and Zero Cents ($448,000.00) is hereby adopted.

 

6.                     The Municipal Council hereby ratifies its authorization of the adoption of the BALB budget from January 1, 2022, through the date of adoption of this authorizing Resolution.

 

7.                     A copy of this Resolution and the BALB budget for FY 2022 shall be placed on file in the Office of the City Clerk by the Deputy Mayor/Director of the Department of Economic and Housing Development.

 

8.                     The Office of the City Clerk shall forward certified copies of this Resolution to the Business Administrator, the Director of the Department of Finance, Tax Collector and Tax Assessor.

 

 

STATEMENT

 

This Resolution ratifies and authorizes the Acting City Clerk to read, by title, the Bloomfield Avenue - Lower Broadway Business Improvement District (BALB) budget for the fiscal year 2022, January 1, 2022 through December 31, 2022 (FY 2022), in the amount of $448,000.00, and adopt said budget, pursuant to N.J.S.A. 40:56-84 et seq.