Title
ORDINANCE GRANTING FIVE (5) YEARS OF TAX ABATEMENT TO THE OWNER OF THE QUALIFIED RESIDENTIAL STRUCTURE, FOR PERIOD COMMENCING FROM THE DATE OF ISSUANCE OF CERTIFICATE OF OCCUPANCY AND EXPIRING FIVE (5) YEARS THEREAFTER.
494 Market Street, Block 2002 and Lot 5 (East Ward)
Name of Owner: Francisco & Maria I. Costa- Architect's Certification -
$ 230,000.00
SILOT $ 4,600.00- Purchase Price - $124,000.00 (Land) - 2 Fam. New construction
Architect - John C. Inglese- Contractor - Falcon Construction
Certificate of Occupancy: January 24, 2012.
No Action Taken, November 20, 2012
Deferred 6PSF-a2 121912/ Public Hearing Open
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AN ORDINANCE GRANTING FIVE (5) YEARS OF TAX ABATEMENT TO THE OWNER(S) OF THE QUALIFIED RESIDENTIAL STRUCTURE, MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP AS BLOCK 2002, LOT 5 AND MORE COMMONLY KNOWN AS 494 MARKET STREET, FOR THE PERIOD COMMENCING FROM THE DATE OF ISSUANCE OF THE CERTIFICATE OF OCCUPANCY WHICH IS JANUARY 24, 2012 AND EXPIRING FIVE (5) YEARS THEREAFTER.
WHEREAS, Francisco & Maria I. Costa, filed a timely application with the City of Newark requesting a five (5) year tax abatement on the residential property located at 494 Market Street, also known as Block 2002, Lot 5, on the Official Tax Map for the City of Newark; and
WHEREAS, Francisco & Maria I. Costa has/have requested that the City of Newark grant a tax abatement pursuant to N.J.S.A. 54:4-3.139 et seq. and the Revised Ordinances of the City of Newark (R.O. 10:26-1 et seq., as amended) which provides for a five (5) year tax abatement for new residential construction in order to reduce the substantially high tax burdens and to stabilize and maintain the viability of the neighborhood; and
WHEREAS, Francisco & Maria I. Costa has/have provided the City of Newark with the necessary Architect's Certification and Certificate of Occupancy; and
WHEREAS, Francisco & Maria I. Costa has/have satisfied the City of Newark requirements regarding ownership of the a...
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