As used in this chapter, the following terms shall have the
meanings indicated:
DISTRICT MANAGEMENT CORPORATION
The Washington Borough Business Improvement District Management
Corporation (also referred to as "management corporation"), an entity
to be incorporated pursuant to Title 15A of the New Jersey Statutes
and designated by municipal ordinance to receive funds collected by
a special assessment within the special improvement district as authorized
by this chapter and any amendatory supplemental ordinances.
SPECIAL IMPROVEMENT DISTRICT)
An area (sometimes also referred to as "the district") within
the Washington Borough designated by this chapter as an area in which
a special assessment on property within the district shall be imposed
for the purposes of promoting the economic and general welfare of
the district and the municipality.
Pursuant to N.J.S.A. 40:56-65 et seq. ("the Act"), and in particular
N.J.S.A. 40:56-68, the governing body of the Borough of Washington
hereby determines the following:
A. That the areas within Washington Borough that are described by block
and lot and by street address as set forth in Schedules A1 and A2 of this chapter, and the property owners, tenants and
inhabitants therein benefit from being designated as a special improvement
district and will benefit the whole of Washington Borough, with the
exception of the following properties that will not be assessed members
of the special improvement district:
(1) Any property owned and operated by the municipal, county and state
governments; and
(2) One hundred percent of residential structures three units or under.
B. That a district management corporation would provide administrative
and other services to benefit the businesses, employees, residents
and consumers in Washington Borough, the Washington Borough Special
Improvement District, and will also assist the Borough of Washington
in promoting economic growth and employment;
C. That a special assessment may be imposed and collected by the Borough
of Washington either with the regular property tax payment (or payment
in lieu of taxes) or otherwise on properties located within the Borough's
limits and that these payments shall be transferred to the District
Management Corporation to effectuate the purpose of this chapter and
to exercise the powers given to it pursuant to this chapter;
D. That it is in the best interests of the Borough of Washington and
its inhabitants to create a special improvement district and to designate
a nonprofit district management corporation in the special improvement
district; and
E. That the business community should be encouraged to provide self-help
and self-financing programs to meet local, needs, goals and objectives
and should be encouraged to supplement any of the authorized services
and improvements through formation of an independent district management
corporation formed under Title 15A of the New Jersey Statutes.
All costs of improvements and maintenance, other than the costs
of improvements and maintenance ordinarily incurred by the Borough
of Washington out of general funds, shall be determined and approved
pursuant to N.J.S.A. 40:56-80 or 40:56-85, as determined by the District
Management Corporation. The formula for the assessment is as follows:
each property's current assessed value, as determined by the
Borough of Washington Tax Assessor for real estate tax purposes, will
be multiplied by the appropriate factored amount to sustain the approved
annual budget to determine the amount of the special improvement district
assessment. The foregoing assessment shall be collected as a special
assessment against the properties that are within the district as
defined in Schedules A1 and A2.
The District Management Corporation shall also cause an audit
of its books, accounts and financial transactions to be made and filed
with the governing body by a certified public accountant. This audit
shall be completed and filed with the governing body within four months
after the close of the fiscal year of the Corporation. A certified
duplicate copy of the audit shall be filed with the County of Warren
Tax Assessor and Director of the Division of Local Government Services
in the State of New Jersey Department of Community Affairs within
five days of the filing of the audit with the governing body.
The District Management Corporation shall submit an annual report
to the governing body pursuant to N.J.S.A. 40:56-80 within 60 days
of the close of the fiscal year. This report shall consist of a narrative
covering the previous year's operation and detailed financial
statements.
Notwithstanding the creation of the special improvement district,
the Borough of Washington expressly retains all its powers and authority
over the area designated as the Washington Borough Special Improvement
District.