Res. No. 1268
Resolution concerning the increase in the annual expenditure for the 14th Street-Union Square Business Improvement District and the setting of the time and place for the hearing of the local law increasing the annual expenditure for such district.
By Council Member Weprin (by request of the Mayor)
WHEREAS, pursuant to Chapter 4 of Title 25 of the Administrative Code of the City of New York or the predecessor of such Chapter (the "BID Law") the City established the 14th Street-Union Square Business Improvement District in the City of New York; and
WHEREAS, pursuant to Local Law No. 82 for the year 1990, the City Council assumed responsibility for adopting legislation relating to Business Improvement Districts; and
WHEREAS, pursuant to Section 25-410(b) of the BID Law, an increase in the amount to be expended annually may be adopted by local law, provided that the City Council determines, after a public hearing, that it is in the public interest to authorize the increase and that the tax and debt limits prescribed in Section 25-412 of the BID Law will not be exceeded; and
WHEREAS, the 14th Street-Union Square Business Improvement District wishes to increase the amount to be expended annually beginning on July 1, 2005 to $1,439,500; and
WHEREAS, pursuant to Section 25-410(b) of the BID Law, the City Council is required to give notice of the public hearing by publication of a notice in at least one newspaper having general circulation in the district specifying the time when and the place where the hearing will be held and stating the proposed amount to be expended annually; now, therefore, be it
RESOLVED, that the Council of the City of New York, pursuant to Section 25-410(b) of the BID Law, hereby directs that:
(i) December 21, 2005 is the date and the City Council Committee Room, 2nd floor, City Hall, is the place and 11:00 am is the time for a public hearing (the "Public Hearing") to hear all persons interested in the legislation, which would increase the amount to be expended annually in the 14th Street-Union Square Business Improvement District; and
(ii) On behalf of the City Council and pursuant to Section 25-410(b) of the BID Law, the District Management Association of the 14th Street-Union Square Business Improvement District is hereby authorized to publish in a newspaper of general circulation in such district, not less than ten (10) days prior to the Public Hearing, a notice stating the time and place of the Public Hearing and setting forth the increase in the amount to be expended annually in the 14th Street-Union Square Business Improvement District.