Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: 2024 Annual Budget for the Ironbound Business Improvement District Management Corporation (IBID)
Purpose: Reading and Adopting the 2024 Ironbound Business Improvement District Budget.
Amount: $1,255,000.00
Budget Period: January 1, 2024 through December 31, 2024
Additional Information:
Budget Introduction authorized by Resolution 7R2-e adopted on March 20, 2024.
Public Hearing to be held on Wednesday, April 24, 2024 at 6:30 P.M. in the Council Chamber.
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WHEREAS, on March 20, 2024, the Municipal Council of the City of Newark ("Municipal Council") adopted Resolution 7R2-e (the "Introducing Resolution"), which introduced the proposed annual budget of the Ironbound Business Improvement District Management Corporation (IBID) for the Fiscal Year 2024 (January 1, 2024 through December 31, 2024) ("FY 2024"), in the amount of One Million Two Hundred Fifty-Five Thousand Dollars and Zero Cents ($1,255,000.00); and
WHEREAS, on April 14, 2024, the Department of Economic and Housing Development publicly advertised the proposed IBID budget for FY 2024 and the time and place for the April 24, 2024, hearing in the Star Ledger, which advertisement date is at least ten (10) days prior to the hearing date of April 24, 2024, as required by N.J.S.A. 40:56-84 (d); and
WHEREAS, the hearing date of Wednesday, April 24, 2024, is no less than twenty-eight (28) days from March 20, 2024, the date of the approved budget, as required by N.J.S.A. 40:56-84 (e); and
WHEREAS, the IBID Budget for FY 2024 was 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/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 ...
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