Title
AN ORDINANCE GRANTING FIVE (5) YEARS OF TAX ABATEMENT AND/OR EXEMPTION, FOR A PROJECT CONSISTING OF A THREE-FAMILY NEW CONSTRUCTION, ON REAL PROPERTY KNOWN AS 309-311 IRVINE TURNER BOULEVARD, MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2666, LOT 1.06. (SOUTH WARD).
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WHEREAS, Adewale Olaoye (the "Owner") filed a timely application (the "Abatement and/or 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 309-311 Irvine Turner Boulevard, also known as Block 2666, Lot 1.06 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 Adewale Olaoye, the Owner, as set forth in the Owner's application, for a project consisting of a three (3) family new construction on real property known as 309-311 Irvine Turner Boulevard, Newark, New Jersey and identified on the Official Tax Map of the City of Newark, as Block 2666, Lot 1.06, for a period of five (5) years pursuant to the Act and the terms of the proposed Financial Agreement.
2. The Mayor of the City of Newark is hereby authorized and directed 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 Office of the City Clerk.
4. The Project will conform with all laws of the...
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