[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, § 3]
a.
Based upon the findings of board of commissioners and the desires
of the business owners, merchants and property owners comprising the
business community, the Lyndhurst Economic Development Corporation
is hereby established. The LEDC may serve as a special improvement
district corporation within the Township of Lyndhurst pursuant to
the aforesaid Law.
b.
The business district shall consist of all nonresidential or commercial
property, within the geographic boundaries of the township. As used
in this chapter, the terms "commercial property" or "commercial properties"
shall include all properties within the township designated as property
tax code 4A and 4B by the Township of Lyndhurst tax assessor. In the
case of a mixed use commercial/residential property, the tax assessor
shall determine the assessment, if any, based on the proportion of
the property that is commercial. The properties currently comprising
the district are set forth on the aforesaid schedule.
c.
Any properties within the township designated as commercial property
subsequent to the effective date of this chapter shall be included
in the district and shall be subject to the authority and provisions
of this chapter.
d.
All commercial properties within the district shall be designated
as either Tier I or Tier II properties. Tier I properties shall be
those commercial properties within the township that are located in
the Lyndhurst Business District, specifically the Ridge Road corridor,
Valley Brook Avenue area, and Stuyvesant Avenue and as may be more
specifically defined in a resolution to be adopted by the board of
commissioners on or before December 31, 2010. Said resolution may
be amended by the board of commissioners, as the board deems necessary.
Tier II properties shall be all other properties located in the district.
[Ord. #2740, § 4]
a.
The board of commissioners hereby designates the Lyndhurst Economic
Development Corporation as the district management corporation for
the district. The management corporation shall be a not-for-profit
corporation; 501-c(6) or equivalent.
b.
The membership of the corporation shall be as follows:
1.
All owners of the real property subject to inclusion under Section
3D-Tier 1 of this chapter. In addition should a special assessment
be duly authorized and implemented for those properties located in
Tier 2, then those properties shall "automatically" become members
of the LEDC.
2.
Any other business entity or other organization, doing business in
the township, interested in supporting the purposes of the management
corporation may attend meetings and participate in same. Upon participating
in any two meetings said business entity or organization may apply
to the LEDC Board of Directors for inclusion in the LEDC membership.
The LEDC may then recommend by resolution, by a majority vote at a
duly convened board of directors meeting, that the Township of Lyndhurst
Board of Commissioners so include, by resolution, the business entity
or organization in the membership of the LEDC. The board of commissioners
shall not be under any obligation to include the business entity or
organization in the membership of the LEDC.
c.
Upon the appointment of a full board of directors pursuant to this
chapter, the Lyndhurst Economic Development Corporation, as management
corporation, shall assume the management of the district. Within 90
days of the adoption of this chapter, the board of directors shall
adopt bylaws, which may be amended from time to time by the board
of directors.
d.
The board of directors of the LEDC shall be composed of 11 directors,
to be appointed according to this chapter. The LEDC bylaws shall include
a provision that a majority of the full board of voting directors
shall constitute a quorum. This number is six. All directors shall
serve on a volunteer basis and none shall receive any form of compensation
for serving on the board of directors. The board of directors shall
be composed as follows:
1.
Voting Directors:
(a)
One member of the Township of Lyndhurst Board of Commissioners, selected
by a majority of the board of commissioners, which may include the
mayor; and
(b)
Six directors (members) selected by the Lyndhurst Merchants Committee
Chair Person. A minimum of four directors (members) shall have their
property or business located in Tier 1. Any such member does not have
to be a Chamber of Commerce member. Notwithstanding this provision
the Lyndhurst Merchants Association Chairperson may conduct a ballot
of district members, as defined in this chapter, for the purpose of
selecting these members; and
(c)
Four directors (members) who either reside in the township or work
or own a business or property in the district, selected and appointed
by the mayor.
2.
Nonvoting directors, who shall have the right to participate in meetings
and serve on subcommittees:
(a)
The township economic development director, if one exists, who shall be "automatically" appointed as a nonvoting director by the board of commissioners, and in the alternative may be appointed a voting director pursuant to Section 29-4d1(b) or (c) of this chapter, however, any compensation paid to such director shall NOT include time devoted to board meetings;
(b)
Any professional consultant to the township, as appointed by the
mayor, a maximum of three such professional consultants may be so
appointed; and
(c)
The economic development director, if one exists, may appoint up
to two non-voting directors. This may include members of the board
of education, additional Chamber of Commerce members, or any other
person as the EDC director deems appropriate.
e.
Notwithstanding the foregoing subsection(s) all of the initial eleven
voting directors shall all be selected and appointed solely by the
mayor.
f.
All voting directors shall serve their initial term until June 30,
2011. Voting directors shall then be appointed or reappointed for
the term commencing on July 1, 2011, of which six voting directors
shall be randomly appointed to serve a two-year term and five shall
serve a three-year term, and any and all voting director appointed
thereafter shall serve a three-year term. The selection of the members
holding the initial two-year term shall be at the discretion of the
mayor.
g.
The officers (president, one or more vice presidents, treasurer and
secretary) of the LEDC shall be members of the board of directors
and elected by a majority vote of the board. No member of the board
of commissioners, or the economic development director, may hold an
officer's position.
h.
The LEDC, as management corporation, shall have all powers necessary
and requisite to effectuate the purposes of this chapter and the district,
including but not limited to the power to:
Adopt bylaws for the regulation of its affairs and the conduct
of its business and to prescribe rules, regulations and policies in
connection with the performance of its functions and duties; and:
1.
Fund the improvement of the exterior appearance of properties in
the district through grants or loans;
2.
Fund the rehabilitation of properties in the district;
3.
Accept, purchase, rehabilitate, sell, lease or manage property in
the district;
4.
Enforce the conditions of any loan, grant, sale or lease made by
the management corporation;
5.
Provide security, cleanup and other services to the district, supplemental
to those provided normally by the Township of Lyndhurst;
6.
Undertake improvements designed to increase the safety or attractiveness
of the businesses in the Township of Lyndhurst, including but not
limited to litter cleanup and control, landscaping, parking area and
facility maintenance and other such improvements generally permitted
for pedestrian malls under N.J.S.A. 40:56-66;
7.
Publicize and promote the Township of Lyndhurst, it's businesses
and other resources;
8.
Recruit new businesses to fill vacancies in, and to balance the business
mix of, the township;
9.
Organize special events in the township;
10.
Provide special parking arrangements for the township and its businesses;
11.
Employ such persons as may be required and fix and pay their compensation
from funds available to the management corporation;
12.
Retain legal counsel and other professionals;
13.
Apply for, accept, administer and comply with the requirements respecting
an appropriation of funds or a gift, grant or donation of property
or money;
14.
Make and execute agreements which may be necessary or convenient
to the exercise of the powers and functions of the management corporation,
including contracts with any person, firm, corporation, government
agency or other entity;
15.
Administer and manage its own funds and accounts and pay its own
obligations;
16.
Undertake improvements designed to increase the safety or attractiveness
of the businesses in the Township of Lyndhurst, including but not
limited to litter cleanup and control, landscaping, parking area and
facility maintenance and other such improvements generally permitted
for pedestrian malls under N.J.S.A. 40:56-66;
17.
Provide temporary decorative lighting in the township; and
18.
Take any other actions that are necessary and proper to achieve the
purposes of this chapter and that are otherwise permitted by law.
The LEDC may be designated as a redevelopment entity by the board
of commissioners pursuant to the provisions of N.J.S.A. 40A:12A-1
et seq.
[Ord. #2740, § 5]
a.
The cost of promotions, operations, improvements and maintenance,
other than the cost of improvements and maintenance normally incurred
by the Township of Lyndhurst out of general funds, shall be determined
and approved pursuant to N.J.S.A. 40:56-80 or N.J.S.A. 40:56-85, as
determined by the LEDC, in its role as management corporation, or
in the alternative the aforesaid costs may be financed through contributions
by members, or "outside contributions" made solely for the purposes
set forth in this chapter. If a special assessment is duly authorized
by resolution of the board of commissioners the initial formula for
the assessment shall be as follows: each property's current assessment,
as determined by the Township of Lyndhurst Tax Assessor for real estate
tax purposes, will be multiplied by a rate to be determined by the
board of directors of the LEDC, in its role as management corporation,
to determine the budget and amount of the special assessment, if any.
The foregoing shall be collected semiannually as a special assessment
against properties that are within the district.
b.
Special assessments, if any, shall be payable on the first day of
April and October for the respective halves of the year and shall
be received by the Township of Lyndhurst Tax Collector or Treasurer
within 10 calendar days following the date upon which such assessment
is payable. Any assessments not received within 10 calendar days following
the date upon which such assessment is payable shall be subject to
interest from the date the assessment was payable until the date of
actual payment, at the following rates:
c.
Unpaid special assessments shall become a lien against commercial
properties and shall be collectible in the same manner as any other
municipal property taxes and assessments as provided by the laws of
the State of New Jersey.
[Ord. #2740, § 6]
a.
The LEDC shall submit an annual report to the Township of Lyndhurst
Board of Commissioners within 30 days after the close of the fiscal
year. This report shall consist of a narrative covering the previous
year's operation and detailed financial statements, which shall
be audited if the amount of revenue collected by the LEDC exceeds
$25,000, or if an audit is otherwise required by Law.
b.
The LEDC shall submit a detailed business plan and budget for the
year, 2011 and each year thereafter and no later than December 1 of
each fiscal year, for approval by resolution of the Township of Lyndhurst
Board of Commissioners, consistent with the provisions of N.J.S.A.
40:56-84, said plan and budget is required even if no assessment is
contemplated. The budget shall be submitted with a report which explains
how the budget contributes to the goals and objectives for the district.
c.
The fiscal year of the LEDC, as management corporation will be January
1 to December 31.
d.
If required the LEDC, as management corporation, shall cause an annual
audit of its books, accounts and financial sections to be made and
filed with the board of commissioners. The LEDC shall engage a certified
public accountant of the State of New Jersey who is not the township
auditor. This audit shall be completed and filed with the board of
commissioners within four months after the close of the fiscal year
of the LEDC. A certified duplicate copy of the audit shall be filed
with the Director of the Division of Local Government Services in
the State of New Jersey Department of Community Affairs and the municipal
clerk within five days of the filing of the audit with the board of
commissioners.
e.
All books, records, accounts and reports of the LEDC shall be available
at all reasonable times for public inspection.
[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.
