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AN ORDINANCE GRANTING A FIVE (5) YEAR TAX ABATEMENT AND/OR EXEMPTION, FOR A PROJECT CONSISTING OF A TWO-FAMILY AND ONE COMMERCIAL SPACE NEW CONSTRUCTION, ON REAL PROPERTY KNOWN AS 99 VAN BUREN STREET, MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1991, LOT 23. (EAST WARD)
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WHEREAS, 99 Van Buren, 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 99 Van Buren Street, also known as Block 1991, Lot 23 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 and/or exemption from taxation on land and/or improvements is hereby granted to 99 Van Buren, LLC, the Owner, as set forth in Owner's application, for a project consisting of a two-family and one commercial space new construction on real property known as 99 Van Buren Street, Newark, New Jersey 07105 and identified on the Official Tax Map for the City of Newark, as Block 1991, Lot 23, for a period of five (5) years pursuant to the Act, so long as 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 ordinance with the City Clerk.
4. The Proj...
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