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ORDINANCE GRANTING A FIVE (5) YEAR TAX ABATEMENT TO KONG BENG LEE, FOR THE RESIDENTIAL PROPERTY LOCATED AT 20 VANDERPOOL STREET, NEWARK, NEW JERSEY, 07114, BLOCK 2792, LOT 13, FOR A PERIOD COMMENCING FROM THE DATE OF ISSUANCE OF CERTIFICATE OF OCCUPANCY AND EXPIRING FIVE (5) YEARS THEREAFTER, PURSUANT TO N.J.S.A. 54:4-3.139 ET SEQ. AND THE REVISED GENERAL ORDINANCES OF THE CITY OF NEWARK, NEW JERSEY, 2000, AS AMENDED AND SUPPLEMENTED (R.O. 10:26-1 ET SEQ., AS AMENDED). (SOUTH WARD)
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WHEREAS, Kong Beng Lee, filed a timely application with the City of Newark requesting a five (5) year tax abatement on the residential property located at 20 Vanderpool Street, also known as Block 2792, Lot 13, on the Official Tax Map for the City of Newark; and
WHEREAS, Kong Beng Lee, has requested that the City of Newark grant a tax abatement pursuant to N.J.S.A. 54:4-3.139 et seq. and the Revised General Ordinances of the City of Newark, New Jersey, 2000, as amended and supplemented (R.O. 10:26-1 et seq., as amended) which provides for a five (5) year tax abatement for new residential construction in order to reduce the substantially high tax burdens and to stabilize and maintain the viability of the neighborhood; and
WHEREAS, Kong Beng Lee, has provided the City of Newark with the necessary Architect's Certification and Certificate of Occupancy; and
WHEREAS, Kong Beng Lee, has satisfied the City of Newark's requirements regarding ownership of the aforementioned residential property and is eligible for a tax abatement pursuant to N.J.S.A. 54:4-3.139 et seq. and the R.O. 10:26-1 et seq., as amended; and
WHEREAS, it has been determined to be in the City of Newark's best interest to approve the tax abatement to Kong Beng Lee.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. Pursuant to the laws of the State of New Jersey (N.J.S.A. 54:4-3.139 et seq.) and the Revised Ge...
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