Title
AN ORDINANCE GRANTING A FIVE (5) YEAR TAX ABATEMENT, FOR A PROJECT CONSISTING OF A TWO-FAMILY NEW CONSTRUCTION, ON REAL PROPERTY KNOWN AS 470 SOUTH 16TH STREET, MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 328, LOT 40. (WEST WARD)
Deferred 6PSF-e 050422
Deferred 6PSF-e 051822
Deferred 6PSF-e 060222
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WHEREAS, Jenerra Albert (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 470 South 16th Street, also known as Block 328, Lot 40 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 the 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 Jenerra Albert, the Owner, as set forth in the application, for a project consisting of two-family new construction on real property known as 470 South 16th Street, Newark, New Jersey 07103, and identified on the Official Tax Map of the City of Newark, as Block 328, Lot 40, for a period of five (5) years, pursuant to the Act, so long as Owner complies with the Act and the terms of the proposed Financial Agreement.
2. The Mayor of the City of Newark is hereby authorized 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...
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