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)
Madeira Concrete, Inc./2760/32.01/19 East Runyon Street/South/2014/$300,000/-$1,255.91
Madeira Concrete, Inc./2760/32.01/19 East Runyon Street/South/2015/$300,000/-$1,340.15
Madeira Concrete, Inc./2760/32.01/19 East Runyon Street/South/2016/$300,000/-$1,393.20
Madeira Concrete, Inc./2760/32.01/19 East Runyon Street/South/2017/$300,000/-$1,441.80
Madeira Concrete, Inc./2760/32.01/19 East Runyon Street/South/2018/$300,000/-$1,495.67
MC University Realty, LLC; MC University Parking, LLC/73/15/346-360 University Avenue/Central/2018/$1,557,400/-$0.00
MC University Realty, LLC; MC University Parking, LLC/73.01/31/52-82 Market Street/Central/2017/$13,307,700/-$250,001.00
MC University Realty, LLC; MC University Parking, LLC/73.01/31/52-82 Market Street/Central/2018/$7,793,600/-$0.00
MC University Realty, LLC; MC University Parking, LLC/75/17/40-52 Market Street/Central/2017/$12,061,700/-$0.00
MC University Realty, LLC; MC University Parking, LLC/75/17/40-52 Market Street/Central/2018/$12,313,800/-$0.00
Metropolitan Resurrection, Co./235/11/13 Broome Street/Central/2016/$30,000/-$0.00
Metropolitan Resurrection, Co./235/12/15-21 Broome Street/Central/2016/$267,600/-$15,913.44
Metropolitan Resurrection, Co./235/52/16 Prince Street/Central/2016/$30,000/-$0.00
Mrs. Zees Realty, LLC/1949/10(LOTS MERGED 9,10,11,16,17 IN 2017)/428 5th Street/West/2016/$101,700/-$0.00
Mrs. Zees Realty, LLC/1949/10(LOTS MERGED 9,10,11,16,17 IN 2017)/428 5th Street/West/2017/$101,700/-$0.00
Mrs. Zees Realty, LLC/1949/11(LOTS MERGED 9,10,11,16,17 IN 2017)/418-426 5th Street/West/2016/$532,200/-$8,692.88
Mrs. Zees Realty, LLC/1949/11(LOTS MERGED 9,10,11,16,17 IN 2017)/418-426 5th Street/West/2017/$532,200/-$8,996.12
Mrs. Zees Realty, LLC/1949/11(LOTS MERGED 9,10,11,16,17 IN 2017)/412-432 5th Street/West/2018/$800,000/-$20,961.47
Mrs. Zees Realty, LLC/1949/11(LOTS MERGED 9,10,11,16,17 IN 2017)/412-432 5th Street/West/2019/$800,000/-$21,347.44
Mrs. Zees Realty, LLC/1949/11(LOTS MERGED 9,10,11,16,17 IN 2017)/412-432 5th Street/West/2020/$800,000/-$21,568.80
Mrs. Zees Realty, LLC/1949/16(LOTS MERGED 9,10,11,16,17 IN 2017)/416 5th Street/West/2016/$125,400/-$0.00
Mrs. Zees Realty, LLC/1949/16(LOTS MERGED 9,10,11,16,17 IN 2017)/416 5th Street/West/2017/$125,400/-$0.00
Mrs. Zees Realty, LLC/1949/17(LOTS MERGED 9,10,11,16,17 IN 2017)/412-414 5th Street/West/2016/$220,700/-$0.00
Mrs. Zees Realty, LLC/1949/17(LOTS MERGED 9,10,11,16,17 IN 2017)/412-414 5th Street/West/2017/$220,700/-$0.00
Pilgrim Baptist Church, Inc./114/19/652-658 ML King Boulevard/Central/2019/$804,200/-$68,890.24
Plaza Investors, LLC/2857/9/249 ML King Boulevard/Central/2015/$350,000/-$4,582.97
Plaza Investors, LLC/2857/9/249 ML King Boulevard/Central/2016/$488,500/-$0.00
Preferred Freezer Services of Newark, LLC(Tenant of Kinross Venture Holdings, LLC)/5060.01/106/370-406 Avenue P/East/2019/$19,774,300/-$0.00
Preferred Freezer Services of Newark, LLC(Tenant of Kinross Venture Holdings, LLC)/5060.01/106/370-406 Avenue P/East/2020/$19,774,300/-$0.00
Preferred Freezer Services of Newark, LLC(Tenant of Kinross Venture Holdings, LLC)/5060.01/106/370-406 Avenue P/East/2021/$19,774,300/-$0.00
Preferred Freezer Services of Newark, LLC(Tenant of Kinross Venture Holdings, LLC)/5060.01/106/370-406 Avenue P/East/2022/$17,503,600/-$84,833.35
Preferred Freezer Services of Newark, LLC(Tenant of Kinross Venture Holdings, LLC)/5060.01/116/340-368 Avenue P/East/2019/$2,225,700/-$0.00
Preferred Freezer Services of Newark, LLC(Tenant of Kinross Venture Holdings, LLC)/5060.01/116/340-368 Avenue P/East/2020/$2,225,700/-$0.00
Preferred Freezer Services of Newark, LLC(Tenant of Kinross Venture Holdings, LLC)/5060.01/116/340-368 Avenue P/East/2021/$2,225,700/-$0.00
Preferred Freezer Services of Newark, LLC(Tenant of Kinross Venture Holdings, LLC)/5060.01/116/340-368 Avenue P/East/2022/$2,225,700/-$0.00
RBH TRB 101 Market, LLC/72/4/101-103 Market Street/Central/2018/$446,300/-$0.00
RBH TRB 101 Market, LLC/72/4/101-103 Market Street/Central/2020/$446,300/-$0.00
RBH TRB 101 Market, LLC/72/4/101-103 Market Street/Central/2021/$446,300/-$0.00
RBH TRB 101 Market, LLC/72/4/101-103 Market Street/Central/2022/$446,300/-$0.00
Additional Information:
Total Refund: $512,714.44
body
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, December 2024 Refunds; 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, December 2024 Refunds, 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, December 2024 Refunds.