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)
Columbia Properties Newark, LLC/5088/157/128-148 Frontage Road/East/$37,725,000 /2014/-$0.00
Columbia Properties Newark, LLC/5088/157/128-148 Frontage Road/East/$37,725,000/2015/-$0.00
Columbia Properties Newark, LLC/5088/157/128-148 Frontage Road/East/$37,725,000/2016/-$0.00
CFGI Newark, LLC/5088/157/128-148 Frontage Road/East/$37,725,000/2017/-$0.00
CFGI Newark, LLC/5088/157/128-148 Frontage Road/East/$25,000,000/2018/-$469,934.25
RGT Newark Hotel, LLC/5088/157/128-148 Frontage Road/East/$24,000,000/2019/-$516,197.25
RGT Newark Hotel, LLC/5088/157/128-148 Frontage Road/East/$23,000,000 /2020/-$561,906.00
Additional Information:
Total credits: $1,548,037.50
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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, October 2020 Credits; and
WHEREAS, the City of Newark retained the law firm of DeCotiis, FitzPatrick, Cole & Giblin LLP (“Outside Counsel”), to represent the interests of the City of Newark (the “City”) in these actions; 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, and/or his designee, upon recommendation of 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 and/or his designee, the law firm of DeCotiis, FitzPatrick, Cole & Giblin LLP, on behalf of the City of Newark are authorized to enter into and execute a Stipulation of Settlement with regard to certain properties as set forth in Schedule A, October 2020 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 the Department of Finance.
STATEMENT
Resolution authorizing the Corporation Counsel, and/or his designee, the law firm of DeCotiis, FitzPatrick, Cole & Giblin LLP, on behalf of the City of Newark, to enter into and execute a Stipulation of Settlement with regard to Tax Appeals on certain properties set forth in Schedule A, October 2020 Credits.