Title
AN ORDINANCE GRANTING A FIVE (5) YEAR TAX ABATEMENT AND/OR EXEMPTION TO BENITO LOPEZ FROM TAXATION ON LAND AND/OR IMPROVEMENTS, AS SET FORTH IN BENITO LOPEZ'S APPLICATION FOR A PROJECT TO CONSTRUCT A BUILDING CONSISTING OF (32) RESIDENTIAL UNITS AND (28) PARKING SPACES, ON REAL PROPERTY LOCATED AT 141-147 NJRR AVENUE, MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 914, LOT 8 (EAST WARD).
Deferred 8-e 090723
body
WHEREAS, Benito Lopez (the "Owner") filed a timely application (the "Abatement/Exemption Application", a copy of which is attached hereto) with the City of Newark (the "City") requesting a five (5) year tax abatement and/or exemption under the Five-Year Exemption and Abatement Law, N.J.S.A. 40A:21-1 et seq. (the "Act"), on the property located at 141-147 NJRR Avenue, also known as Block 914, Lot 8 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/or exemption 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 and/or exemption from taxation on improvements is hereby granted to Benito Lopez ("Owner") , as set forth in the application, for a project consisting of construction of a building with thirty two (32) residential units and twenty eight (28) parking spaces, on real property located at 141-147 NJRR Avenue, Newark, New Jersey, and identified on the City's tax map as Block 914, Lot 8 ("Project"), for a period of five (5) years pursuant to the Act so long as the 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 Acting Director of th...
Click here for full text