Title
ORDINANCE GRANTING A FIVE (5) YEAR TAX ABATEMENT TO BERNARD POWELL, FOR THE RESIDENTIAL PROPERTY LOCATED AT 157-159 BELLAIR PLACE, NEWARK, NEW JERSEY 07104, BLOCK 858, LOT 50.25, FOR A PERIOD COMMENCING FROM THE DATE OF ISSUANCE OF CERTIFICATE OF OCCUPANCY AND EXPIRING FIVE (5) YEARS THEREAFTER, PURSUANT TO N.J.S.A. 54:4-3.139 ET SEQ. AND THE REVISED GENERAL ORDINANCES OF THE CITY OF NEWARK, NEW JERSEY, 2000 AS AMENDED AND SUPPLEMENTED (R.O. 10:26-1 ET SEQ., AS AMENDED). (NORTH WARD)
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WHEREAS, Bernard Powell, filed a timely application with the City of Newark requesting a five (5) year tax abatement on the residential property located at 157-159 Bellair Place, also known as Block 858, Lot 50.25, on the Official Tax Map for the City of Newark; and
WHEREAS, Bernard Powell, has 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 General Ordinances of the City of Newark, New Jersey, 2000 as amended and supplemented (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, Bernard Powell, has provided the City of Newark with the necessary Architect's Certification and Certificate of Occupancy; and
WHEREAS, Bernard Powell, has satisfied the City of Newark's requirements regarding ownership of the aforementioned residential property and is eligible for a tax abatement pursuant to N.J.S.A. 54:4-3.139 et seq. and the R.O. 10:26-1 et seq., as amended; and
WHEREAS, it has been determined to be in the City of Newark's best interest to approve the tax abatement to Bernard Powell.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. Pursuant to the laws of the State of New Jersey (N.J.S.A. 54:4-3.139 et seq.) and...
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