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)
Capital Foresight/3691.01/32/87-101 Chancellor Avenue/South/2020/$5,000,000/-$38,000.00
Capital Foresight/3691.01/32/87-101 Chancellor Avenue/South/2021/$4,200,000/-$67,212.00
Caroline Realty c/o Mango/3779/20(28,92)/78-122 Evergreen Avenue/South/2022/$6,352,700/-$37,360.00
Emerita Urban Renewal LLC/145/1/736-752 Broad Street/Central/2015/$23,675,100/-$0.00
Emerita Urban Renewal LLC/145/1/736-752 Broad Street/Central/2016/$23,675,100/-$0.00
Emerita Urban Renewal LLC/145/1/736-752 Broad Street/Central/2017/$23,675,100/-$0.00
Emerita Urban Renewal, LLC/145/1/736-752 Broad Street/Central/2018/$31,345,000/-$2,007,902.57
Emerita Urban Renewal, LLC/145/1/736-752 Broad Street/Central/2020/$29,698,000/-$448,362.00
Emerita Urban Renewal, LLC/145/17(78)/18-22 Commerce Street/Central/2020/$557,400/-$760.00
Newark 536 Broad, LLC c/o BES, INC./24/37/534-536 Broad Street/Central/2024/$5,069,600/-$71,924.01
3 Gateway Center Properties, LLC/151/122.01/94-110 Mulberry Street/East/2021/$48,240,000/-$0.00
3 Gateway Center Properties, LLC/151/122.01/94-110 Mulberry Street/East/2022/$46,975,100/-$47,256.67
3 Gateway Center Properties, LLC/151/122.01/94-110 Mulberry Street/East/2023/$45,000,000/-$120,787.20
Additional Information:
Total credits: $2,839,564.88
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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, July 2024 Credits; and
WHEREAS, after a review of the appraisals of both the City of Newark 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 interest 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, or his designee, be and is hereby authorized to execute a Stipulation of Settlement with regard to certain properties as set forth in Schedule A, July 2024 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, July 2024 Credits.