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AN ORDINANCE AMENDING AND SUPPLEMENTING ORDINANCE NO. 6PSF-K ADOPTED ON JANUARY 21, 2009 AND TITLE X, FINANCE AND TAXATION, CHAPTER 26, TAX ABATEMENT AND QUALIFIED RESIDENTIAL PROPERTIES, OF THE REVISED GENERAL ORDINANCES OF THE CITY OF NEWARK, NEW JERSEY, 2000, AS AMENDED AND SUPPLEMENTED
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WHEREAS, by Ordinance No. 6PSF-K adopted on January 21, 2009 (the “Prior Ordinance”), the Municipal Council of the City of Newark has heretofore amended and supplemented the provisions of Title X, Finance and Taxation, Chapter 26, Tax Abatement for Qualified Residential Properties, of the Revised General Ordinances of the City of Newark, New Jersey,2000, as amended and supplemented (“Chapter 26”); and
WHEREAS, Section 3 of the Prior Ordinance provided that no abatement shall be granted to a nonowner occupant pursuant to Section 4b of Chapter 26 more than three (3) years following the date of final adoption of said Ordinance; and
WHEREAS, the Municipal Council now wishes to amend Chapter 26 so as to remove said three (3) year limitation.
NOW, THEREFORE ,BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK,NEW JERSEY, THAT:
Section 1. Section 3 of Ordinance No. 6PSF-K adopted on January 21, 2009 is hereby repealed, so as to remove the said three (3) year limitation and thereby allow for the granting of a tax abatement to a nonowner occupant applicant provided all requirements of Chapter 26, as amended and supplemented hereby, are met retroactive to January 21, 2012.
Section 2. TITLE X, FINANCE AND TAXATION, CHAPTER 26, TAX ABATEMENT FOR QUALIFIED RESIDENTIAL PROPERTIES, SECTION 10:26-4, ELIGIBLE RESIDENTIAL PROPERTY, of the Revised General Ordinances of the City of Newark, New Jersey, as amended and supplemented, is hereby amended and supplemented to read as follows (new language is shown underlined; deleted language is shown in [brackets]):
10:26-4. ELIGIBLE RESIDENTIAL PROPERTY.
Owners of newly constructed residenti...
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