Title
AN ORDINANCE GRANTING A FIVE (5) YEAR TAX ABATEMENT TO SHAYNA A. SMITH, FOR A PROJECT CONSISTING OF A TWO (2) FAMILY DWELLING NEW CONSTRUCTION, ON REAL PROPERTY KNOWN AS 157 SHERMAN AVENUE, MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2792, LOT 25. (SOUTH WARD)
body
WHEREAS, Shayna A. Smith (the "Owner"), filed a timely application (the "Exemption 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 157 Sherman Avenue, Newark, New Jersey 07114, also known as Block 2792, Lot 25 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 Tax 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 five (5) year tax abatement on improvements is hereby granted to Shayna A. Smith (the "Owner"), for a Project consisting of a two (2) family dwelling new construction on real property known as 157 Sherman Avenue, Newark, New Jersey 07114 and identified on the City's Tax Map as Block 2792, Lot 25 in accordance with N.J.S.A. 40A:21-1 et seq. (the "Act") and the terms of the Tax Agreement.
2. The Mayor is hereby authorized and directed to enter into and execute, on behalf of the City, the Tax Agreement in the form attached hereto.
3. The Director of Finance shall file an executed copy of the Tax 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 Tax Agreemen...
Click here for full text