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HomeMy Public PortalAboutr 03:387No. 03-387 Date of AdoptionDecember 18, 2003 AUTHORIZING FIVE YEAR PILOT AGREEMENT PURSUANT TO N.J.S.A 40A:21-1 ET SEQ. AND ORDINANCE NO. 94-23 BE IT RESOLVED, by the Mayor and Council of the Borough of Carteret, County of Middlesex, State of New Jersey as follows: 1. That pursuant to the authority granted by "Five Year Exemption and Abatement Law", ~q.J.S.A. 40A:21-1 et seq., and Ordinance No. 94-23, the application for~ Pilot Agreement for the following project(s) is hereby approved as follows: (1) Block l, Lot 2.2 Distribution Center Four Addition (4A) only. (2) Block 1, Lot 2.11 Distribution Center Five Addition (5A) only. (3) Block 1, Lot 2.12 Distribution Center Six Warehouse Facility only. BE IT FURTHER RESOLVED, that the above referenced Pilot Agreement shall be pursuant to the tax phase-in basis and the following schedule: (1) In the first full tax year after completion, no payment in lieu of taxes otherwise due; (2) In the second year, 20% of taxes otherwise due; (3) In the third year, 40% of taxes otherwise due; (4) In the fourth year, 60% of taxes otherwise due; (5) In the fifth year, 80% of the taxes due; (6) In the sixth year, 100% of the taxes due. BE IT FURTHER RESOLVED, that a copy of this Resolution be forwarded to the Municipal Tax Assessor for implementation. Adopted this 18th day of December, 2003 and certified as a tree copy of the original on December 19, 2003. LINDA A. RIVERA Assistant Municipal Clerk RECORD OF COUNCIL VOTE COUNCILMAN I YES NO NV I A.B. COUNCILMAN YES NO NV A.B. KRUM X RIOS X S ITARZ X NAPLES X SOSNOWSKI X PARISI X X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto Adopted at a meeting ofthe Municipal Council December 18, 2003 ~O..~4~. CLERK