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AN ORDINANCE GRANTING A FIVE (5) YEAR TAX ABATEMENT/EXEMPTION TO RICHARD MORALES, FROM TAXATION ON LAND AND/OR IMPROVEMENTS, FOR A PROJECT CONSISTING OF TWO (2) FAMILY NEW CONSTRUCTION, ON REAL PROPERTY KNOWN AS 9 SEABURY STREET, MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 723, LOT 5. (NORTH WARD)
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WHEREAS, Richard Morales (the "Owner") filed a timely application (the "Abatement/ 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 9 Seabury Street, also known as Block 723, Lot 5 on the Official Tax Map of 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, Richard Morales, as set forth in the Owner's Application, for a project consisting of a two (2) family new construction, on real property known as 9 Seabury Street, and identified on the Official Tax Map of the City of Newark, as Block 723, Lot 5 for a period of five (5) years pursuant to the Act so long as Owner complies with the act and terms of the 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 all laws of the State of New Jersey and ordinances of th...
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