The annual costs of operating, maintaining and improving the Business Improvement District shall be reported to the Municipal Council of the Township of Denville by the BID's Board of Directors, or designee, and assessed, collected and appropriated as provided in N.J.S.A. 40:56-80.
A. The fiscal year of the BID and of the District Management Corporation shall be the same as the Township's fiscal year. The first budget shall be presented to the Municipal Council as soon as practical after adoption of this article. Thereafter, beginning December 1, 2017, the District Management Corporation shall submit no later than February 15 of each year a detailed, annual budget for the upcoming year for the approval by resolution of the Municipal Council. The budget shall be processed and adopted by the Township on or before April 1 of each year, in accordance with the procedures set forth in N.J.S.A. 40:56-84 or as prescribed in a New Jersey DCA local finance notice.
B. The budget shall be submitted with a report, which explains how the budget contributes to the goals and objectives of the Business Improvement District, together with the following:
(1) The amount of such costs to be charged against the general funds of the Township, if any.
(2) The amount of costs to be charged and specially assessed against properties benefited in the BID in proportion to benefits received, which shall be the aggregate of cost of annual improvements to be made in the BID during the year.
(3) The amount of costs, if any, to be specially taxed against properties in the BID.
C. Each year, when the Municipal Council shall have acted on the estimate of costs and/or on the budget, the Municipal Assessor shall prepare an assessment roll setting forth separately the amounts to be specially assessed against the benefited and assessable properties in the district, in proportion to the benefits. Descriptions of such properties, and the names of the then current owners of such properties, so far as names are available, shall be included in each annual assessment roll. The assessment roll, when so prepared, shall be filed in the office of the Township Clerk and be available for inspection. The Municipal Council shall annually meet to accept public comments to the amounts of such special assessments at least 10 days after a notice of hearing has been published once in the official newspaper and mailed to each of the named owners of all tracts, parcels and lots of property proposed to be assessed. The notice shall set forth the time and place of meeting, and set forth the purpose of such meeting, but may refer to the assessment roll for further particulars. When the Municipal Council shall have approved the amounts of the special assessments set forth therein, or as may be modified by it, the Township Clerk shall forthwith certify a copy of the assessment roll, with such changes, if any, to the Morris County Tax Board.
D. For the purpose of this article "annual improvements" shall, with respect to the BID, mean and may include, but not be limited to, any reconstruction, replacement or repair of trees and plantings, furniture, shelters and other facilities of the BID, furnishing overhead or underground heating for snow removal or for enjoyment of pedestrians, and any other local improvement which benefits properties within the BID. For the purpose of this article, "costs" shall, with respect to annual improvements to and operation and maintenance of the BID, mean costs of annual improvements; fees of consultants employed by the Municipal Council to assist in the planning of annual improvements; and all other costs incurred or to be incurred in connection with annual improvements to and operation and maintenance of the BID.
E. Moneys appropriated and collected on account of annual improvement costs and costs of operating and maintaining the Business Improvement District shall be credited to a special account. The Municipal Council may incur the annual costs of improving, operating and maintaining a Business Improvement District, during any fiscal year, though not specifically provided for by line item or other category in an approved estimate, if in its discretion it shall be deemed necessary to provide for such annual improvements or operations or maintenance prior to the succeeding fiscal year and so long as the total amount of the account as approved for that year is not exceeded by that expenditure. Any balances to the credit of the account and remaining unexpended at the end of the fiscal year shall be conserved and applied toward the financial requirements of the succeeding year.
F. The Township shall pay over funds from the special account to the Management Corporation quarterly on the first day of March, June, September and December of each year.