HomeMy Public PortalAbout96-19 (Orbinan
No. 96-19
PROVIDING FOR THE ABATEMENT AND/OR EXEMPTION FROM
LOCAL PROPERTY TAXES FOR THE IMPROVEMENT TO OR
CONSTRUCTION OF COMMERCIAL OR INDUSTRIAL STRUCTURES
WHEREAS, pursuant to Ordinance #94-23, Block I Lot 2.1 has been determined
to be eligible for a tax abatement in order to promote and encourage the development
of the industrial track; and
WHEREAS, pursuant to NJ.S.A. 40A:21-10 (c) and N.J.SA 52:27H-63, et seq.,
agreement may be entered into providing for a tax phase in abatement; and
WHEREAS, Paulius Associates is desirous of constructing an industrial facility on
Block 1 Lot 2.1;
NOW, THEREFORE, BE IT ORDAINED that a tax abatement utilized the tax
phase according to the following formula:
0% I st full tax year after completion
20% 2nd " "
40% 3rd ....
60O/o 4th " "
80% Sth " "
100% 6th full tax year after completion
BE IT FURTHER ORDAINED that the Mayor and Borough Clerk are authorized
to execute an agreement to effectuate this ordinance.
DO NOT USE SPACE BELOW THIS LINE
RECORD OF COUNCIL VOTE
COUNCILMAN YES NO NV A.B, COUNCILMAN YES NO NV A.B.
BIALOWARCZUK X FEINGOLD X
~FAILACE X O ' BRIEN X
FAZEKAS X VESEY X
X - Indicate Vote AB Absent NV Not Voting XOR Indicates Vote to Overrule Veto S j .
JUNE 6, 1996
Adopted on first reading of the Council of the Borough of Carteret, N.J., on
AS AMENDED JUNE 20, 1996
Adopted on second reading after hearing on
ON . BOROUGI:I CLERK ~