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File #: 13-2084    Version: 1 Name: Stipulation of Settlements for Tax Appeals
Type: Resolution Status: Filed
File created: 10/29/2013 In control: Finance
On agenda: 1/22/2014 Final action: 1/22/2014
Title: Dept/ Agency: Finance Action: ( ) Ratifying (X) Authorizing ( ) Amending Purpose: Stipulation of Settlements for Tax Appeals List of Property: (Tax Payer/Address/Block/Lot/Ward/Assmnt./Year/Refund Amount) Columbia Properties Newark, LLC./128-148 Frontage Road/5088/157/East/$33,765,000/2009/-$0.00 Columbia Properties Newark, LLC./128-148 Frontage Road/5088/157/East/$33,765,000/2010/-$0.00 Columbia Properties Newark, LLC./128-148 Frontage Road/5088/157/East/$33,765,000/2011/-$168,363.52 Columbia Properties Newark, LLC./128-148 Frontage Road/5088/157/East/$33,765,000/2012/-$174,636.68 Additional Information: Total Tax Difference: -$343,000.20 Invitation: Corporation Counsel, January 22, 2014
Sponsors: Council of the Whole
Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Stipulation of Settlements for Tax Appeals
List of Property:
(Tax Payer/Address/Block/Lot/Ward/Assmnt./Year/Refund Amount)

Columbia Properties Newark, LLC./128-148 Frontage Road/5088/157/East/$33,765,000/2009/-$0.00
Columbia Properties Newark, LLC./128-148 Frontage Road/5088/157/East/$33,765,000/2010/-$0.00
Columbia Properties Newark, LLC./128-148 Frontage Road/5088/157/East/$33,765,000/2011/-$168,363.52
Columbia Properties Newark, LLC./128-148 Frontage Road/5088/157/East/$33,765,000/2012/-$174,636.68
Additional Information:
Total Tax Difference: -$343,000.20
Invitation: Corporation Counsel, January 22, 2014
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WHEREAS, there are now pending before the Tax Court of New Jersey direct appeals challenging real property assessments and actions to review judgments of the Essex County Board of Taxation with regard to properties listed on the attached Schedule A; and

WHEREAS, after a review of the appraisals of both the City and the taxpayer and an analysis of prior County Board and Tax Court actions as they affect these properties, and after careful consideration of these facts, it is the opinion of the Tax Assessor and the Corporation Counsel that these settlements are in the best interests of the City of Newark.

NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:

1. The Corporation Counsel of the City of Newark be and is hereby authorized on behalf of the City of Newark to execute a Stipulation of Settlement with regard to certain properties as set forth in Schedule A, after receipt of all documents deemed appropriate.

2. The City Clerk shall submit a certified copy of this resolution to the Tax Assessor, Tax Collector, Corporation Counsel and the Department of Finance.

STATEMENT

This resolution author...

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