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AN ORDINANCE GRANTING A FIVE (5) YEAR OF TAX ABATEMENT/EXEMPTION TO MJ DEVELOPERS, INC., FROM TAXATION ON LAND AND/OR IMPROVEMENTS, FOR A PROJECT CONSISTING OF TWO (2) FAMILY NEW CONSTRUCTION, ON REAL PROPERTY KNOWN AS 106 CHAPEL STREET, MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2455, LOT 41. (EAST WARD)
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WHEREAS, MJ Developers, Inc. (the "Owner"), filed a timely application (the "Abatement and 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 106 Chapel Street, also known as Block 2455, Lot 41 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, MJ Developers, Inc., as set forth in the Owner's Application, for a project consisting of two (2) family new construction, on real property known as 106 Chapel Street, Newark, New Jersey 07105 and identified on the Official Tax Map of the City of Newark, as Block 2455, Lot 41 for a period of five (5) years pursuant to the Act so long as Owner complies with the Act and the terms of the proposed 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 con...
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