The purpose of this article is to establish a policy and procedure
for the Township's receipt, review and consideration of applications
for tax abatements and/or tax exemptions pursuant to the Long Term
Tax Exemption Law (N.J.S.A. 40A:20-1 et seq.), the Five-Year Exemption
and Abatement Law (N.J.S.A. 40A:21-1 et seq.), the New Jersey Housing
Mortgage Finance Agency Law (N.J.S.A. 55:14K-1 et seq.) and any other
applicable law (hereinafter collectively referred to as the "exemption
laws") to offer financial assistance for development projects located
in an area in need of redevelopment or an area in need of rehabilitation,
as such areas are defined under the Local Redevelopment and Housing
Law (N.J.S.A. 40A:12A-1 et seq.), as well as any affordable housing
project as such project may be defined under applicable law, including,
but not limited to, the New Jersey Housing Mortgage Finance Agency
Law.
The Township hereby establishes a policy whereby it shall accept,
review and consider an application, submitted in accordance herewith,
for tax abatements and/or tax exemptions pursuant to applicable law.
However, this article does not commit or require the Township to approve
any application submitted in accordance herewith. In considering each
application, the Township shall consider, in part, the benefits of
the development project for the Township and the impact of any tax
abatement and/or exemption requested on the budget of the Township.
Upon termination of a financial agreement referenced hereunder,
a project shall be subject to all applicable real property taxes as
provided by state law and regulation, as well as local ordinances.
However, nothing herein shall prohibit a project, upon termination
of a financial agreement, from qualifying for and receiving the full
benefits of any other tax preferences provided by law.
Attached hereto is the form of application an applicant shall
use in submitting a request for a tax abatement or exemption.