The East Hanover Township Council hereby finds:
A. That the properties and/or businesses in Property Classes 4A and
4B are an integral, vital economic and social component within the
Township and that the creation of a Special Improvement District (the
"District") including such properties and/or businesses will serve
to enhance the safety, welfare and economic growth of the District
and, consequently, the residents of the Township as a whole.
B. That through creation of a District management corporation to provide
administrative and other services, the property owners, businesses,
consumers and all inhabitants of the District will benefit, and the
Township will have added ability to promote economic growth and employment.
C. That it is in the best interests of the Township to create a Special
Improvement District and a management corporation to administer the
District.
D. That all costs for the administration and management of the District
should be funded by a special assessment imposed and collected by
the Township on Class 4A and 4B properties within the District. Such
levy shall be collected by the Township and shall be transferred to
the District management corporation to effectuate the purposes of
this chapter and to exercise the powers granted to it pursuant to
this chapter.
This chapter authorizes the formation of a Special Improvement District pursuant to N.J.S.A. 40:56-65 et seq. (hereinafter, "the Act"), comprising all Property Class 4A and 4B property as defined herein within the Township of East Hanover, which properties are set forth in detail by block, lot and street address in
Appendix A hereof.
Notwithstanding the creation of the Special Improvement District,
the Township of East Hanover expressly reserves and retains all its
police powers and other rights and powers related to the area within
the District.
The Special Improvement District shall be obligated to satisfy
all debts, loans and financial liabilities incurred by the management
entity. The management entity may not borrow an amount that exceeds
the approved budget for the fiscal year. The Charter of the District
shall include a clause incorporating this language.