Title
AN ORDINANCE AMENDING TITLE 10, FINANCE AND TAXATION, CHAPTER 26 FIVE-YEAR TAX ABATEMENT FOR QUALIFIED RESIDENTIAL PROPERTIES TO CREATE A NEW SECTION 10:26-16 SUNSET PROVISION THAT PERMITS THE GRANTING OF FIVE YEAR TAX ABATEMENTS FOR QUALIFIED RESIDENTIAL DWELLINGS FOR A PERIOD OF FIVE (5) YEARS FOLLOWING THE DATE OF FINAL ADOPTION.
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WHEREAS, the Municipal Council adopted Ordinance 6PSF-K on January 21, 2009, which amended and supplemented Title 10, Chapter 26, Tax Abatement for Qualified Residential Properties; and
WHEREAS, Section 3 of Ordinance 6PSF-K, adopted January 21, 2019, contained the following "sunset provision": No tax abatement shall be granted to an owner non-occupant more than three (3) years following the date of final adoption of this ordinance; and
WHEREAS, Section 3 of Ordinance 6PSF-K, adopted January 21, 2009, was mistakenly not codified into Title 10, Chapter 26 of the Revised General Ordinances of the City of Newark, 2000; and
WHEREAS, the Sunset provision has expired and has not been renewed, and
WHEREAS, there are currently neighborhoods within the City of Newark which will substantially benefit from a renewal of the five year tax abatement, on the residential units only, to non-occupant owners of qualified residential properties consisting of new one, two, three and four residential dwellings (non-owner occupied) and there is a need for an extension of this law for an additional five (5) years; and
WHEREAS, the reinstatement of the five year tax abatements will serve as an incentive for new residential construction and will enhance neighborhoods.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, THAT:
(Note: New language is shown underlined and bold; deleted language is shown as strikethough.)
Section 1. Title 10, Finance and Taxation, Chapter 26, Tax Abatement for Quali...
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