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AN ORDINANCE GRANTING A FIVE (5) YEAR TAX ABATEMENT/EXEMPTION TO JAMILA ADAMS AND ROGER HAYFORD, FOR A PROJECT CONSISTING OF A TWO (2) FAMILY NEW CONSTRUCTION, ON REAL PROPERTY KNOWN AS 656 NORTH 8TH STREET, MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 697, LOT 28. (NORTH WARD)
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WHEREAS, Jamila Adams and Roger Hayford (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 656 North 8th Street, also known as Block 697, Lot 28 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 the Owner, Jamila Adams and Roger Hayford 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 and/or her designee, the Tax Assessor 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 the State of New Jersey and ordinances of the City relating to its construction and use.
5. The Affirmative Action Program now on file in the Office of the City Cle...
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