The Long-Term Tax Exemption and Abatement Review Committee (the "Committee")
is hereby established to review all applications for long-term tax
exemption and abatements authorized by N.J.S.A. 40A:20-1 or N.J.S.A.
55:14K-1 et seq. in order to determine and make recommendations to
the Administration and City Council as to whether the application
should be approved or disapproved.
All completed applications for long-term tax exemption and/or abatement
shall be filed with the Tax Assessor. The Tax Assessor shall forward
a copy of said application to the office of the City Attorney and
to the members of the Committee.
The Chairman of the Committee shall convene a meeting of the Committee
within seven business days after receiving a complete application.
A complete application is one which contains all of the information
and attachments requested in the application for long-term tax exemption.
The Committee shall submit a written report to the office of the
Mayor and members of City Council outlining the reasons for recommending
the approval or disapproval of the application.
No application for long-term tax exemption and/or abatement shall
be accepted for review unless it is accompanied by full payment of
the required application fee.
These fees shall fund the establishment and operations of the Long-Term
Tax Exemption Committee and other legal and administrative costs associated
with the review of the long-term tax exemption application.