DENVILLE, NJ -- Denville Township Council unanimously approved the annual budget of the Downtown Denville Business Improvement District (BID) on June 9.
Downtown Denville BID is a 501(c)(3) nonprofit organization that works to promote the local stores and shops in the township’s downtown, particularly around the Broadway area. The organization also produces community events, such as sidewalk sales, cancer rallies and holiday parades, to attract foot traffic.
“The Denville Business Improvement District, which has its own separate board of directors, is required to submit its annual budget to the township council for approval, as the budget ultimately results in an added tax assessment to the property owners located within the geographic boundaries of the district,” said Business Administrator Steve Ward.
This year, the total budget for Downtown Denville BID amounts to $218,000, with an additional $10,000 from the township possible if the organization meets certain goals, such as fundraising initiative, business recruitment initiative and regular budget reviews.
Funding comes from the assessment of properties within the district, totaling a little more than $100,000. There is a contribution from the township itself, amounting to $20,000, with possibly another $10,000 if Downtown Denville BID meets its fundraising goal.
“This contribution from the township is the only funds that residents of Denville are paying through their township taxes, which is approximately $3.00 per average Denville household,” said Gene FitzPatrick, a board member of Downtown Denville BID.
“A bargain to help maintain one of the most important assets for Denville property values. The remainder of the total budget is funded from grants and surplus from previous years. The budget from 2019 was $209,000. The increase was mostly from the grants we received.”
“Another important thing to keep in mind is that this budget was prepared before the COVID-19 outbreak. But it was already in the township process for review. Downtown Denville will be revising the allocation of these numbers within the budget based on restructuring to properly accommodate for all the challenges we now face. Now we are putting more of the money toward grant relief, marketing, safety accommodations, etc. However, the total budget number remains the same as well as contributions.”
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