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AN ORDINANCE GRANTING A FIVE (5) YEAR TAX ABATEMENT/EXEMPTION, FOR A PROJECT CONSISTING OF A TWO-FAMILY NEW CONSTRUCTION, ON REAL PROPERTY KNOWN AS 62 VANDERPOOL STREET, MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2791, LOT 33. (SOUTH WARD)
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WHEREAS, Miguel F. and Jose M. Santander, the Owners, 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/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 62 Vanderpool Street, also known as Block 2791, Lot 33 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 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/exemption from taxation on improvements is hereby granted to Miguel F. and Jose M. Santander, the Owners, as set forth in Owners' application, for a project consisting of a two-family new construction on real property known as 62 Vanderpool Street, Newark, New Jersey 07114 and identified on the Official Tax Map of the City of Newark, as Block 2791, Lot 33 for a period of five (5) years pursuant to the Act, so long as Owners comply with the Act and the terms of the proposed Financial Agreement.
2. The Mayor of the City of Newark, or his designee, 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 th...
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