§ 75-5. District Management Corporation.

Special Improvement District of Netcong Borough, Inc. is hereby designated the District Management Corporation which shall assist the Borough of Netcong in promoting economic growth and development within the SID. Said District Management Corporation is incorporated pursuant to the provisions of Title 15A of the New Jersey Statutes and is hereby designated as eligible to receive the funds collected as special assessment within the SID. In addition, the District Management Corporation shall:

A. 

Have a Board of Trustees consisting of nine members, chosen as follows:

(1) 

The Mayor of the Borough and one Council member appointed by the Council, each to serve a one-year term.

(2) 

One resident of the Borough, who is not a member of the Special Improvement District, to be appointed by the Mayor with the advice and consent of the Borough Council for a two-year term.

(3) 

Six Trustees to be appointed by the currently serving Trustees of the Special Improvement District of Netcong Borough, Inc. (“District Management Corporation”), with the advice and consent of the Borough Council in accordance with the bylaws of the District Management Corporation.

B. 

Exercise the following powers:

[Amended 12-12-2013 by Ord. No. 2013-15]

(1) 

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;

(2) 

Employ such persons as may be required and fix and pay their compensation from funds available to the corporation;

(3) 

Apply for, accept, administer and comply with the requirements respecting an appropriation of funds or a gift, grant or donation of property or money;

(4) 

Make and execute agreements which may be necessary or convenient to the exercise of the powers and functions of the corporation, including contracts with any person, firm, corporation, governmental agency or other entity;

(5) 

Administer and manage its own funds and accounts and pay its own obligations;

(6) 

Borrow money from private lenders for periods not to exceed 180 days and from governmental entities for that or longer periods;

(7) 

Accept, purchase, rehabilitate, sell, lease or manage property in the SID;

(8) 

Provide security, sanitation and other services to the SID supplemental to those provided normally by the Borough;

(9) 

Undertake improvements designed to increase the safety or attractiveness of the SID to businesses which may wish to locate there or to visitors of the SID, including, but not limited to, litter cleanup and control, landscaping, parking areas and facilities, recreational and rest areas and facilities, and those improvements generally permitted for pedestrian malls under Section 2 of P.L. 1972, c. 134 (N.J.S.A. 40:56-66), pursuant to pertinent regulations of the governing body;

(10) 

Publicize the district and the businesses included within the district boundaries and create programs furthering the promotion of the district and businesses;

(11) 

Organize special events in the district;

(12) 

Provide special parking arrangements for the district;

(13) 

Provide temporary decorative lighting in the district;

(14) 

Fund the improvement of the exterior appearance of properties in the district through grants or loans;

(15) 

Fund the rehabilitation of properties in the district;

(16) 

Enforce the conditions of any loan, grant, sale or lease made by the corporation; and

(17) 

Recruit new business to fill vacancies in, and to balance the business mix of, the district.

Amended 12-12-2013 by Ord. No. 2013-15; 12-11-2014 by Ord. No. 2014-13