Title
AN ORDINANCE GRANTING A FIVE (5) YEAR TAX ABATEMENT, FOR A PROJECT CONSISTING OF A TWO-FAMILY NEW CONSTRUCTION, ON REAL PROPERTY KNOWN AS 351 ELM STREET MORE SPECIFICALLY IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1980, LOT 21.01. (EAST WARD)
DEFERRED 6PSF-m 042022
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WHEREAS, Elm Living, 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 351 Elm Street, also known as Block 1980, Lot 21.01 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 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 Elm Living, LLC, the Owner, for a period of five (5) years pursuant to the Act, so long as Elm Living, LLC complies with the Act and the terms of the proposed Financial Agreement.
2. The Mayor of the City of Newark 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. Elm Living, LLC, the Owner, shall in the operat...
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