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AN ORDINANCE GRANTING A FIVE (5) YEAR TAX ABATEMENT, TO 247 S10, LLC, FOR A PROJECT CONSISTING OF A THREE-FAMILY NEW CONSTRUCTION, ON REAL PROPERTY KNOWN AS 263 SOUTH 8TH STREET MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1781, LOT 19. (WEST WARD)
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WHEREAS, 247 S10, LLC (the "Owner") filed a timely application (the "Abatement 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 263 South 8th Street, also known as Block 1781, Lot 19 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 from taxation on improvements is hereby granted to 247 S10, LLC, the Owner, for a period of five (5) years, pursuant to the Act, so long as 247 S10, LLC 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 condition of the Financial Agreement authorized by this Ordinance.
6. 247 S10, LLC, the Owner, shall, in the ...
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