HomeMy Public PortalAbout96-24 (0rbinartre
No. 96-24 ~f t['~e
PROVIDING FOR THE ABATEMENT AND/OR EXEMPTION FROM
LOCAL PROPERTY TAXES FOR TIlE IMPROVEMENT TO OR
CONSTRUCTION OF COMMERCIAL OR INDUSTRIAL STRUCTURES
WHEREAS, pursuant to Ordinance #94-23, Block 5.1 Lot 1.3 has been determined to be eligible
for a tax abatement in order to promote and encourage the development of the industrial tract; and
WHEREAS, pursuant to N.J.S A. 40A:21-10(c) and NJ. SA. 52:27H-63, et seq. agreement may
be entered into providing for a tax phase in abatement; and
WHEREAS, Equipco Sales and Rental Corp. is desirous of constructing an industrial facility on
Block 5.2 Lot 1.3;
NOW, TItEREFORE, BE 1T ORDAINED that a tax abatement utilized the tax phase according
to the following formula:
0% 1st full tax year after completion
20% 2nd
40% 3rd " "
60% 4th "
80% 5th " "
100% 6th full year after completion
BE IT FURTtIER ORDAINED that the Mayor and Borough Clerk are authorized to execute
an agreement to effectuate this ordinance.
BE IT FURTHER ORDAINED that this ordinance shall take effect immediately upon passage
and publication according to law.
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
FAI LACE X O' 8RIEN X
FAZEKAS X VESEY X
~.. X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto
Adopted on first reading of the Council of the Borough of Carteret, N,J., on OCTOBER 17, 1996
Adopted on second reading after hearing on NOVEMBER 7, 1996
ON//~d ~ MAYOR