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AN ORDINANCE GRANTING A FIVE (5) YEAR TAX ABATEMENT AND/OR EXEMPTION, FOR A PROJECT CONSISTING OF AN EIGHTEEN (18) RESIDENTIAL UNITS BUILDING NEW CONSTRUCTION, ON REAL PROPERTY KNOWN AS 731/2 - 87 4TH AVENUE, MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 524, LOT 37 (CENTRAL WARD).
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WHEREAS, NJ Equity Ventures, LLC, (the "Owner") filed a timely application (the "Abatement and 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 731/2 - 87 4th Avenue, also known as Block 524, Lot 37 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 proposed 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 land and/or improvements is hereby granted to NJ Equity Ventures, LLC, the Owner, as set forth in Owner's application, for a project consisting of eighteen (18) residential units building new construction on real property known as 731/2 - 87 4th Avenue, Newark, New Jersey 07104 and identified on the Official Tax Map of the City of Newark, as Block 524, Lot 37 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 Director of the Department of Finance shall file an executed copy of the Financial Agreement authorized by this or...
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