The Township of Eastampton may enter into agreements with applicants
for tax abatement on commercial and industrial projects pursuant to
the provisions of P.L. 1991, c. 441 set forth in the Five-Year Exemption
and Abatement Law (N.J.S.A. 40A:21-1 et seq.), as amended.
The following words, terms and phrases, when used in this chapter,
shall have the meanings ascribed to them in this section, consistent
with the provisions of N.J.S.A. 40A:21-3, except where the context
clearly indicates a different meaning:
ABATEMENT
That portion of the assessed value of a property as it existed
prior to construction, improvement or conversion of a building or
structure thereon, which is exempted from taxation.
ANNUAL PERIOD
Duration of time comprising 365 days or 366 days when the
included month of February has 29 days, that commences on the date
that an exemption or abatement for a project becomes effective.
AREA IN NEED OF REHABILITATION
A portion or all of a Township which has been determined
to be an area in need of rehabilitation or redevelopment pursuant
to P.L. 1991, c.441 (N.J.S.A. 40A:12A-1 et seq.).
COMMERCIAL OR INDUSTRIAL STRUCTURE
A structure or part thereof used for the manufacturing, processing
or assembling of material or manufactured products, or for research,
office, industrial, commercial, retail, recreational, hotel or motel
facilities, or warehousing purposes, or for any combination thereof,
which the Township Council determines will tend to maintain or provide
gainful employment within the Township, assist in the economic development
of the Township, maintain or increase the tax base of the Township
and maintain or diversify and expand commerce within the Township
. It shall not include any structure or part thereof used or to be
used by any business relocated from another qualifying Township.
COMPLETION
Substantially ready for the intended use for which a building
or structure is constructed, improved or converted.
CONSTRUCTION
The provision of a new commercial or industrial structure,
or the enlargement of the volume of an existing commercial or industrial
structure by more than 30%, but shall not mean the conversion of an
existing building or structure to another use.
EXEMPTION
That portion of the Assessor's full and true value of any
improvement, or construction not regarded as increasing the taxable
value of a property pursuant to this chapter and the Five-Year Exemption
and Abatement Law.
IMPROVEMENT
A modernization, rehabilitation, renovation, alteration or
repair which produces a physical change in an existing building or
structure that improves the safety, sanitation, decency or attractiveness
of the building or structure as a place for human habitation or work,
and which does not change its permitted use. It shall not include
ordinary painting, repairs and replacement of maintenance items, or
an enlargement of the volume of an existing structure by more than
30%. In no case shall it include the repair of fire or other damage
to property for which payment of a claim was received by any person
from an insurance company at any time during the three-year period
immediately preceding the filing of an application pursuant to this
chapter.
PROJECT
The construction or improvement of a structure in an area
in need of rehabilitation that would qualify for an exemption, or
an exemption and abatement pursuant to P.L. 1991, c.441 (N.J.S.A.
40A:12A-1 et seq.).
Prospective applicants who own newly constructed or rehabilitated
commercial or industrial structures located in an area in need of
rehabilitation within the Township of Eastampton are entitled to apply
for a five-year tax exemption and tax abatement as provided in this
chapter.
At the termination of an agreement for tax exemption or abatement
authorized pursuant to this chapter, the project shall be subject
to all applicable real property taxes, as provided by state and local
law and regulations, provided that nothing herein shall be deemed
to prohibit the project or improvement at the termination of the agreement
for tax abatement from qualifying and receiving the full benefits
of any other tax preference as provided by law.