The City Council of the City of Camden hereby determines to
utilize the authority granted by P.L. 2013, c. 161 (N.J.S.A. 52:27D-489d)
to establish a Local Economic Redevelopment and Growth Grant Program
("Local ERG Program").
A developer of a project located in the City of Camden meeting
the eligibility requirements set forth in N.J.A.C. 19:31-4.3 and seeking
incentives under the Local ERG Program shall submit an application
to the City of Camden for a local incentive grant prior to July 1,
2019. A developer that submits an application for a local incentive
grant shall indicate on the application whether it is also applying
for a state incentive grant. The City of Camden shall review said
application in accordance with the factors set forth in N.J.A.C. 19:31-4.7
and may grant preliminary approval of a local incentive grant by introduction
of an approving ordinance. Upon introduction of the approving ordinance,
the City shall forward the application to EDA for purposes of conducting
an eligibility review and fiscal impact analysis. Once the EDA has
completed an eligibility review and fiscal impact analysis, said application
shall be forwarded to the Local Finance Board in the Department of
Community Affairs for approval. Upon approval by the Local Finance
Board, the City of Camden may grant final approval by adoption of
the approving ordinance.
Upon state and municipal approval of the local incentive grant
under the Local ERG Program, the City of Camden may enter into a local
redevelopment incentive grant agreement with the developer, which
shall not be effective until adoption by ordinance, for the reimbursement
of incremental eligible revenues realized from activities or business
operations in the project area.
[Amended 8-24-2017 by Ord. No. MC-5070]
A. Pursuant to the authorization contained in N.J.S.A. 52:27D-489d,
and in accordance with the local incentive grant agreement, beginning
upon the receipt of occupancy permits for any portion of the redevelopment
project, or upon any other event evidencing project completion as
set forth in the local incentive grant agreement, the municipality
shall pay to the developer incremental municipal revenues in an amount
of up to an average of 75% of the projected annual incremental revenues
directly realized from businesses operating at the site of the redevelopment
project from the following taxes:
(1) Incremental payments in lieu of taxes, with respect to property located
in the district, made pursuant to the "Five-Year Exemption and Abatement
Law," P.L. 1991, c. 441 (N.J.S.A. 40A:21-1 et seq.), or the "Long
Term Tax Exemption Law," P.L. 1991, c, 431 (N.J.S.A. 40A:20-1 et al.);
(2) Incremental revenues collected from payroll taxes, with respect to
business activities carried on within the area, pursuant to Section
15 of P.L. 1970, c. 326 (N.J.S.A. 40:48C-15);
(3) Incremental revenue from lease payments made to the municipality,
the developer, or the developer's successors with respect to property
located in the area;
(4) Incremental revenue collected from parking taxes derived from parking
facilities located within the area pursuant to Section 7 of P.L. 1970,
c. 326 (N.J.S.A. 40:48C-7);
(5) Incremental admissions and sales taxes derived from the operation
of a public facility within the area pursuant to Section 1 of P.L.
2007, c. 302 (N.J.S.A. 40:48G-1);
(6) Incremental sales and excise taxes which are derived from activities
within the area and which are rebated to or retained by the municipality
pursuant to the "New Jersey Urban Enterprise Zones Act," P.L. 1983,
c. 303 (N.J.S.A. 52:27H-60 et seq.) or any other law providing for
such rebate or retention;
(a)
Within Planning Area 1 (Metropolitan) under the State Development
and Redevelopment Plan adopted pursuant to the "State Planning Act,"
Sections 1 through 12 of P.L.1985, c. 398 (N.J.S.A.52:18A-196 et seq.),
the municipality may impose the entire state sales tax on business
activities within a redevelopment project located in an urban enterprise
zone that would ordinarily be entitled to collect reduced rate revenues
under Section 21 of P.L.1983, c. 303 (N.J.S.A.52:27H-80), and pledge
the excess revenues to a local redevelopment incentive grant agreement;
(7) Incremental parking revenue collected, pursuant to Section 7 of P.L.
1970, c. 326 (N.J.S.A. 40:48C-7), from public parking facilities built
as part of a redevelopment project, except for public parking facilities
owned by parking authorities pursuant to the "Parking Authority Law,"
P.L. 1948, c. 198 (N.J.S.A.40:11A-1 et seq.);
(8) Incremental revenues collected, pursuant to Section 3 of P.L. 2003,
c. 114 (N.J.S.A. 40:48F-1), P.L. 1981, c. 77 (N.J.S.A. 40:48E-1 et
seq.), or P.L. 1947, c. 71 (N.J.S.A.40:48-8.15 et seq.), from hotel
and motel taxes;
(9) Upon approval by the Local Finance Board, other incremental municipal
revenues that may become available;
(10)
The property tax increment, except in the case of a Garden State
Growth Zone, in which such property tax increment and any other incremental
revenues are calculated as those incremental revenues that would have
existed notwithstanding the provisions of the "New Jersey Economic
Opportunity Act of 2013," P.L. 2013, c. 161 (N.J.S.A. 52:27D-489p
et seq).
B. The incremental revenue for the revenues listed in this subsection,
when applicable, shall be calculated as the difference between the
amounts collected in any fiscal year from any eligible revenue source
included in the local redevelopment incentive grant agreement, less
the revenue increment base for that eligible revenue. All administrative
costs associated with the local incentive grant shall be assessed
to the applicant and be retained by the municipality from the annual
local incentive grant payments.