The Livingston Township Council hereby finds that the properties and/or
businesses comprising the district are an integral, vital, economic and social
component within the Township of Livingston, and that the anticipated services
to be provided to the district will serve to enhance the safety, welfare and
economic growth of district and the inhabitants of the Township of Livingston
as a whole. The creation of the Management Corporation will provide administrative
and other services to benefit those businesses, property owners, tenants,
inhabitants and consumers in the district and will also assist the Township
of Livingston in promoting economic growth and employment. It is, therefore,
in the best interest of the Township of Livingston and its inhabitants to
create the district and the Management Corporation to administer the district.
All costs related to the maintenance, administration and operation of the
district and Management Corporation shall be funded by a special assessment
imposed and collected by the Township of Livingston with the regular property
tax payment (or payment in lieu of taxes) or otherwise on properties located
within district and designated by the Management Corporation. These payments
shall be transferred to Management Corporation to effectuate the purpose of
this chapter and to exercise the powers given to it pursuant to this chapter.
Notwithstanding the creation of the district, the Township of Livingston
expressly retains all its police powers and other rights and powers related
to the area designated as within the district.
This chapter obligates the district to satisfy all debts, loans and
financial liabilities incurred by the Management Corporation. The Management
Corporation may not borrow an amount that exceeds the approved budget for
the fiscal year. The Charter of the district shall include a clause incorporating
the aforementioned.