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AN ORDINANCE GRANTING A FIVE (5) YEAR TAX ABATEMENT/EXEMPTION TO 247 S10TH, LLC FROM TAXATION ON LAND AND/OR IMPROVEMENTS, FOR A PROJECT CONSISTING OF A TWO (2) FAMILY NEW CONSTRUCTION, ON REAL PROPERTY KNOWN AS 245 SOUTH 10TH STREET, MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1796, LOT 9. (WEST WARD)
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WHEREAS, 247 S10th, 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 245 South 10th Street, also known as Block 1796, Lot 9 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 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, 247 S10th, LLC as set forth in Owner's application, for a project consisting of two (2) family new construction on real property known as 245 South 10th Street, Newark, New Jersey 07103 and identified on the Official Tax Map of the City of Newark, as Block 1796, Lot 9 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 Project will conform with ...
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