City of Newark - File #: 21-1921

• File #: 21-1921
• Version: 1
• Name: Ordinance: 5 Year Tax Exemption/Tax Abatement for 486 South 17th Street (Block 327 Lot 45.02)
• Type: Ordinance
• Status: Adopted
• File created: 12/21/2021
• In control: Finance
• On agenda: 3/8/2022
• Final action: 4/12/2022
• Title: AN ORDINANCE GRANTING A FIVE (5) YEAR TAX ABATEMENT, FOR A PROJECT CONSISTING OF A THREE-FAMILY NEW CONSTRUCTION, ON REAL PROPERTY KNOWN AS 486 SOUTH 17TH STREET MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 327, LOT 45.02. (WEST WARD) Deferred to Special 6F-l 031622 PUBLIC HEARING TO BE HELD APRIL 12, 2022
• Sponsors: Council of the Whole

Date	Ver.	Action By	Action	Result
4/12/2022	1	Municipal Council	Close on Public Hearing and Adopt	Pass
4/6/2022	1	Municipal Council	Maintained on Public Hearing and Deferred to Special Meeting	Pass
3/22/2022	1	Municipal Council	Adopt on First Reading	Pass
3/16/2022	1	Municipal Council	Defer to a Special Meeting	Pass
3/8/2022	1		Adopt on First Reading
3/8/2022	1	Municipal Council	Advance to First Reading	Pass

Title
AN ORDINANCE GRANTING A FIVE (5) YEAR TAX ABATEMENT, FOR A PROJECT CONSISTING OF A THREE-FAMILY NEW CONSTRUCTION, ON REAL PROPERTY KNOWN AS 486 SOUTH 17TH STREET MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 327, LOT 45.02. (WEST WARD)
Deferred to Special 6F-l 031622

PUBLIC HEARING TO BE HELD APRIL 12, 2022
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WHEREAS, Bintia Princesse Boure (the "Owner") filed a timely application (the "Abatement/Exemption Application", a copy of which is attached hereto) with the City of Newark (the "City") requesting a five (5) year tax abatement/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 486 South 17th Street, also known as Block 327, Lot 45.02 on the Official Tax Map for the City of Newark; and

WHEREAS, it has been determined to be in the best interest of the City to approve the tax abatement/exemption and authorize the execution of 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/exemption from taxation on improvements is hereby granted to Bintia Princesse Boure for a period of five (5) years pursuant to the Act, so long as Bintia Princesse Boure complies with the Act and the terms of the proposed Financial 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 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 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 conditi...