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AN ORDINANCE GRANTING A FIVE (5) YEAR TAX ABATEMENT, FOR A PROJECT CONSISTING OF A TWO-FAMILY NEW CONSTRUCTION, ON REAL PROPERTY KNOWN AS 351 ELM STREET MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1980, LOT 21.01. (EAST WARD)
DEFERRED 6PSF-m 042022
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WHEREAS, Elm Living, LLC (the “Owner”) filed a timely application (the “Abatement Application”, a copy of which is attached hereto) with the City of Newark (the “City”) requesting a five (5) year tax abatement under the Five-Year Exemption and Abatement Law, N.J.S.A. 40A:21-1 et seq. (the “Act”), on the property located at 351 Elm Street, also known as Block 1980, Lot 21.01 on the Official Tax Map for the City of Newark; and
WHEREAS, it has been determined to be in the best interest of the City to approve the tax abatement and authorize the execution of Financial Agreement in the form attached hereto.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The abatement from taxation on improvements is hereby granted to Elm Living, LLC, the Owner, for a period of five (5) years pursuant to the Act, so long as Elm Living, LLC complies with the Act and the terms of the proposed Financial Agreement.
2. The Mayor of the City of Newark hereby authorized and directed to enter into and execute, on behalf of the City, the Financial Agreement in the form attached hereto.
3. The Director of the Department of Finance shall file an executed copy of the Financial Agreement authorized by this Ordinance with the City Clerk.
4. The Project will conform with all laws of the State of New Jersey and ordinances of the City relating to its construction and use.
5. The Affirmative Action Program now on file in the Office of the City Clerk is declared to be a material condition of the Financial Agreement authorized by this Ordinance.
6. Elm Living, LLC, the Owner, shall in the operation of the Project, comply with all laws so that no person shall be subject to any discrimination because of race, religious principles, color, national origin or ancestry.
7. The abatement from taxation shall not extend beyond five (5) years and shall only be in effect, so long as the Elm Living, LLC, the Owner, remains subject to and complies with the Act and the terms of the Tax Agreement.
8. The annual service charge shall be based on the Tax Phase-In provision of N.J.S.A. 40A:21-10.
9. To the extent of any inconsistency with any prior City ordinance and/or Municipal Code provision governing the granting of a tax abatement, pursuant to the Act, including, inter alia, procedures for application, review and approval, required terms of the Financial Agreement, required conditions and covenants, limits on duration, means of enforcement and all other matters whatsoever, such prior City ordinances and/or Municipal Code provisions are hereby waived, but only with respect to this Ordinance.
10. The Office of the City Clerk shall forthwith submit a certified copy of the Ordinance approving the five (5) year tax abatement and the fully executed Financial Agreement to the Director of the Division of Local Government Services.
11. This Ordinance shall take effect upon final passage and publication in accordance with the laws of the State of New Jersey.
STATEMENT
This Ordinance grants a five (5) year tax abatement to Elm Living, LLC, the Owner, under the Five-Year Exemption and Abatement Law, N.J.S.A. 40A:21-1 et seq., for a project consisting of a two-family new construction on real property known as 351 Elm Street, Newark, New Jersey 07105 and identified on the Official Tax Map of the City of Newark, as Block 1980, Lot 21.01. (East Ward)