Title
AN ORDINANCE AMENDING TITLE X FINANCE AND TAXATION, CHAPTER 23, FIVE-YEAR TAX EXEMPTION AND ABATEMENT, SECTION 5A, EXEMPTIONS AND ABATEMENTS FOR NEW MULTIPLE DWELLINGS CONSISTING OF CONDOMINIUM HOUSING UNITS OF THE REVISED GENERAL ORDINANCES OF THE CITY OF NEWARK, NEW JERSEY, 2000, AS AMENDED AND SUPPLEMENTED, TO REINSTATE EXEMPTIONS AND ABATEMENTS FOR NEW MULTIPLE DWELLINGS CONSISTING OF CONDOMINIUM UNITS FOR AN ADDITIONAL PERIOD OF FIVE-YEARS.
Deferred 6F-c 052015
Body
WHEREAS, the Municipal Council adopted Ordinance 6PSF-j on January 21, 2009 which amended and supplemented Title X, Chapter 23, Five Year Tax Exemption and Abatement; and
WHEREAS Title X, Chapter 23, Section 5A, contained the following "sunset provision":
No exemption or abatement shall be granted under this Section 10:23-5A more than three (3) years following the date of final adoption of the Ordinance authorizing this amendment to Section 10:23-5A
; and
WHEREAS, this 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 exemptions and abatements for new multiple dwellings consisting of condominium housing units and are in need of an extension of this law for an additional five (5) years; and
WHEREAS, the Municipal Council wishes to reinstate the exemptions and abatements since they will serve as an incentive for property owners to properly maintain and keep up their property.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
(Note: New language is shown underlined and bold; deleted language is shown as strikethough.)
Section 1. Title X, Finance and Taxation, Chapter 23, Five-Year Tax Exemption and Abatement, Section 5A, Exemptions and Abatements for New Multiple Dwellings Consisting of Condo...
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