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AN ORDINANCE GRANTING A FIVE (5) YEAR TAX ABATEMENT TO THE LOPES FAMILY TRUST, FOR A PROJECT CONSISTING OF A TWO (2) FAMILY NEW CONSTRUCTION, ON REAL PROPERTY KNOWN AS 75 FERGUSON STREET, MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1996, LOT 39. (EAST WARD)
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WHEREAS, the Lopes Family Trust (the "Owner") filed a timely application (the "Exemption Application", a copy of which is attached hereto) with the City of Newark (the "City") requesting a five (5) year tax abatement under the Five-Year Exemption and Abatement Law, N.J.S.A. 40A:21-1 et seq. (the "Act"), on the property located at 75 Ferguson Street, also known as Block 1996, Lot 39 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 authorize the execution of the Tax 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 from taxation on Improvements is hereby granted to Lopes Family Trust, the Owner in accordance with the Act and the terms of the Tax 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 Tax Agreement in the form attached hereto.
3. The Deputy Mayor/Director of the Department of Economic and Housing Development shall file an executed copy of the Tax 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 the City relating to its construction and use.
5. The Affirmative Action Program now on file in the Office of the City Clerk is declared to be a material condition of the Tax Agreement authorized by this Ordinance.
6. The Owner shall, in the operation of the Project, comply with all laws so that no person shall be subject to any discrimination because of race,...
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