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AN ORDINANCE GRANTING A FIVE (5) YEAR TAX ABATEMENT AND/OR EXEMPTION, FOR A PROJECT CONSISTING OF A THREE-FAMILY NEW CONSTRUCTION, ON REAL PROPERTY KNOWN AS 746-748 BERGEN STREET, MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2707, LOT 42. (SOUTH WARD)
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WHEREAS, Mahama Adama, 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 746-748 Bergen Street, also known as Block 2707, Lot 42 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 Mahama Adama, the Owner, as set forth in Owner's application, for a project consisting of a three-family new construction on real property known as 746-748 Bergen Street, Newark, New Jersey 07108 and identified on the Official Tax Map of the City of Newark, as Block 2707, Lot 42 for a period of five (5) years pursuant to the Act, so long as the Owner complies with the Act and the terms of the proposed Financial Agreement.
2. The Mayor of the City of Newark, or his designee, 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 all l...
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