[Ord. #2740, § 1]
This chapter hereby creates an Economic Development Corporation
for the purpose of promoting and encouraging economic opportunities
in the Township of Lyndhurst, as more specifically defined herein
and as may be adopted by the Lyndhurst Economic Development Corporation,
LEDC, not inconsistent with this chapter. This chapter further allows
the formation of a special improvement district which for the purpose
of this chapter may be referred to as a, "Business Improvement District"
pursuant to N.J.S.A. 40:56-65 et seq. The LEDC and the BID shall be
comprised of all of the commercial property (as defined herein) within
the Township of Lyndhurst, as more fully described by block, lot and
street address on file in the office of the township clerk.
The Board of Commissioners of the Township of Lyndhurst hereby
designates the Lyndhurst Economic Development Corporation (the "LEDC")
to assist the board of commissioners in effectuating the purpose and
intent of the aforesaid Law and the goals and purposes of an "Economic
Development Commission," in the form of a corporation, to meet the
purposes of this chapter. The Township of Lyndhurst Board of Commissioners
hereby determines that the creation of an economic development corporation
and special improvement district will enhance the welfare and economic
growth of the area within the district, its businesses and residents
of the Township of Lyndhurst as a whole.
[Ord. #2740, § 2]
The Township of Lyndhurst Board of Commissioners hereby finds
that the properties and/or businesses comprising the district are
an integral, vital, economic and social component within the Township
of Lyndhurst, and that the board of commissioners desires to strengthen
preexisting and long-term businesses within the Township of Lyndhurst.
The creation of the Lyndhurst Economic Development Corporation will
provide promotional, administrative and other services to benefit
those businesses, property owners, and retail and commercial tenants,
and inhabitants in the district and will further assist the Township
of Lyndhurst in promoting economic growth and employment opportunities.
It is, therefore, in the best interest of the Township of Lyndhurst
to create the LEDC, and designate it as the management corporation
to administer the district. All costs related to the maintenance,
administration and operation of the LEDC, including those costs incurred
in its role as management corporation shall be funded by either a
township budget appropriation, contributions by members, general fundraising
in support of LEDC activities, or by an approved special assessment
imposed and collected by the Township of Lyndhurst with the regular
property tax payment, or otherwise, on properties located within district
and as further approved by resolution of the LEDC and the Township
of Lyndhurst Board of Commissioners. All revenue for the purposes
outlined in this chapter shall be transferred to LEDC as the management
corporation to effectuate the purpose of this chapter.
[Ord. #2740, § 7]
Notwithstanding the creation of the Lyndhurst Economic Development
Corporation, the Township of Lyndhurst expressly retains all its police
powers and other rights and powers related to the area designated
as within the LEDC, the "district," or otherwise.
[Ord. #2740, § 8]
If any article, section, subsection, term or condition of this
chapter is declared invalid or illegal for any reason, the balance
of the chapter shall be deemed severable and shall remain in full
force and effect. Further, this chapter shall take effect after publication
and passage according to law and after the statutory requirements
are met.