Title
Dept/ Agency: Law
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Settlement of Civil Litigation
Docket No.: Tax Court Matter: 001521-2014 and Appellate Division: A-000088-21
Claimant: New United Corp.
Claimant's Attorney: Heinze Law, P.A., 383 Main Street, Suite 101, Chatham, New Jersey 07928
Settlement Amount: $1,300,000.00
Funding Source: Law Department/Business Unit 025; Dept. ID 25T; Division/Project 5T25; Account # 96320
Additional Comments:
A Resolution authorizing a Settlement Agreement resolving a tax appeal.
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WHEREAS, the City of Newark (the "City") has been in litigation with New United Corp., relating to certain unpaid taxes; and
WHEREAS, the City and New United Corp., desire to enter into a Settlement Agreement resolving direct tax appeals and legal actions against the City, as more detailed in the Settlement Agreement attached hereto; and
WHEREAS, New United Corp., agrees that it shall make no further claims against the City of Newark relating to any of the properties which are known or unknown, including, but not limited to, all claims which were or could have been asserted in the tax actions entitled, "New United Corp. v. Newark City" pending in the New Jersey Tax Court, bearing Docket No. 001521-2014 (hereinafter the "Tax Court Appeal"), for the property located at Block 1869, Lot 22, Unit C3A; also known as 15 South 9th Street, Newark, New Jersey 07107 (hereinafter the "Subject Property"); and "New United Corp. v. Newark City" pending in the New Jersey Superior Court, Appellate Division, bearing Docket No. A-000088-21 (hereinafter the "Appellate); and
WHEREAS, the parties desire to settle their disputes as set forth in the Settlement Agreement; and
WHEREAS, the parties have agreed to settle the matter for payment to New United Corp., for the sum of One Million Three Hundred Thousand Dollars and Zero Cents ($1,300,000.00), in exchange for the executi...
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