Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Stipulation of Settlements for Tax Appeals
List of Property:
(Tax Payer/Address/Block/Lot/Ward/Assmnt./Year/Refund Amount)
Kinney Building Assoc./164/8/788-794 Mayor Gibson Boulevard/East/2020/$5,834,900/-$25,273.80
High Urban Renewal, LLC/123/56.02/117-129 Clinton Avenue/Central/2019/$1,881,700/-$13,990.92
High Urban Renewal, LLC/123/56.02/117-129 Clinton Avenue/Central/2020/$1,881,700/-$14,136.00
High Urban Renewal, LLC/123/56.02/117-129 Clinton Avenue/Central/2021/$1,881,700/-$13,890.48
High Urban Renewal, LLC/123/56.02/117-129 Clinton Avenue/Central/2022/$1,881,700/-$13,897.92
High Urban Renewal, LLC/123/56.02/117-129 Clinton Avenue/Central/2023/$1,881,700/-$13,868.16
High Urban Renewal, LLC/123/56.03/117-129 Clinton Avenue/Central/2019/$1,118,300/-$8,575.08
High Urban Renewal, LLC/123/56.03/117-129 Clinton Avenue/Central/2020/$1,118,300/-$8,664.00
High Urban Renewal, LLC/123/56.03/117-129 Clinton Avenue/Central/2021/$1,118,300/-$8,513.52
High Urban Renewal, LLC/123/56.03/117-129 Clinton Avenue/Central/2022/$1,118,300/-$8,518.08
High Urban Renewal, LLC/123/56.03/117-129 Clinton Avenue/Central/2023/$1,118,300/-$8,499.84
Tonn, Masela L./2826/7/88 Clinton Avenue/East/2022/$300,000/-$2,241.60
Tonn, Masela L./2826/7/88 Clinton Avenue/East/2023/$300,000/-$2,236.80
1160 Raymond Retail Properties, LLC/144.01/46/C0003/1136-1166 Raymond Boulevard/Central/2022/$2,250,000/-$11,346.23
1160 Raymond Retail Properties, LLC/144.01/46/C0003/1136-1166 Raymond Boulevard/Central/2023/$2,250,000/-$11,321.94
Teixeira, Armindo J/935/33/109 Pacific Street/East/2020/$438,000/-$0.00
Teixeira, Armindo J/935/33/109 Pacific Street/East/2021/$394,800/-$0.00
Teixeira, Armindo J/935/33/109 Pacific Street/East/2022/$394,800/-$0.00
Teixeira, Armindo J/935/33/109 Pacific Street/East/2023/$394,800/-$0.00
Teixeira, Armindo J/935/33/109 Pacific Street/East/2024/$294,800/-$3,803.00
Teixeira, Armindo J/935/33/109 Pacific Street/East/2025/$250,000/-$5,790.55
SPG 2013 McCarter Hwy Urban Renewal, LLC/825/1/2013-2075 McCarter Highway/North/2024/$3,376,800/-$1,392,780.30
2052 McCarter Industrial Urban Renewal, LLC/827.01/11/2052-2090 McCarter Highway/North/2024/$2,000,000/-$38,030.00
Victoria Street Realty, LLC/3516/20.01/408-420 Frelinghuysen Avenue/South/2024/$3,282,000/-$34,873.51
Victoria Street Realty, LLC/3516/20.01/T01/408-420 Frelinghuysen Avenue/South/2024/$235,600/-$0.00
Victoria Street Realty, LLC/3516/20.01/408-420 Frelinghuysen Avenue/South/2025/$3,282,000/-$36,670.83
Victoria Street Realty, LLC/3516/20.01/T01/408-420 Frelinghuysen Avenue/South/2025/$235,600/-$0.00
Goal Investments, LLC/520/1.02/1424-1430 McCarter Highway/North/2024/$1,250,000/-$0.00
Goal Investments, LLC/520/1.02/1424-1430 McCarter Highway/North/2025/$1,000,000/-$9,997.50
163 Elwood, LLC/736/24/163 Elwood Avenue/North/2025/$441,900/-$1,703.57
Public Service Electric And Gas Co./97/39.01/398-426 University Avenue/Central/2026/$7,000,000/-$39,990.00
Additional Information:
Total credit: $1,728,613.63
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WHEREAS, there are now pending before the Tax Court of New Jersey direct appeals challenging real property assessments and actions to review judgments of the Essex County Board of Taxation with regard to properties listed on the attached Schedule A, May 2026 Credits; and
WHEREAS, after a review of the appraisals of both the City and the taxpayer and an analysis of prior County Board and Tax Court actions as they affect these properties, and after careful consideration of these facts, it is the opinion of the Tax Assessor and the Corporation Counsel, or his designee (“Outside Counsel”) that these settlements are in the best interests of the City of Newark.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Corporation Counsel of the City of Newark be and is hereby authorized to execute a Stipulation of Settlement with regard to certain properties as set forth in Schedule A, May 2026 Credits after receipt of all documents deemed appropriate.
2. The City Clerk shall serve a copy of this resolution upon the Tax Assessor, Corporation Counsel and the Director of Finance.
STATEMENT
This Resolution authorizes the Corporation Counsel, or his designee, to execute a Stipulation of Settlement with regard to Tax Appeals on certain properties set forth in Schedule A, May 2026 Credits.