[Adopted 7-6-1993 as Ord.
No. 676-93[1]]
[1]
Editor's Note: This ordinance also superseded former
Art. I, Exemptions and Abatements on Commercial and Industrial Structures,
adopted 5-3-1977 as Ord. No. 150-77, as amended 6-13-1979 by Ord.
No. 216-79, and Art II, Exemption for Improvements to Residential
Buildings, adopted 11-15-1982 as Ord. No. 298-82.
The City of Perth Amboy may enter into agreements with developers
and/or owners of property within the city providing tax abatements
and/or exemptions for improvements to existing commercial, industrial
or multiple-dwelling structures or for the construction of commercial,
industrial or multiple-dwelling structures within the city pursuant
to the Act.[1] This power to enter into tax abatement/exemption agreements
shall be subject to all definitions set forth within Section 3 of
the Act,[2] incorporated herein as if set forth herein at length.
All projects subject to a tax abatement/exemption agreement
as provided for herein and in the Act, shall be subject to all applicable
federal, state and local laws and regulations, including but not limited
to pollution control, work safety, discrimination in employment, housing
provision, zoning, planning and Building Code requirements.[1]
Applicants for tax abatement and/or exemption for improvements
to existing commercial industrial or multiple-dwelling structures
or for the construction of commercial, industrial or multiple-dwelling
structures shall provide the City Council with an application setting
forth:
A.
A general description of the project for which abatement and/or exemption
is sought.
B.
A legal description of all real estate necessary for the project.
C.
Plans, drawings and other documents as may be required by the City
Council to demonstrate the structure and design of the proposed project.
D.
A description of the number, classes and type of employees to be
employed at the project site within two (2) years of completion of
the project.
E.
A statement of the reasons for seeking tax abatement and/or exemption
on the project and a description of the benefits to be realized by
the applicant if a tax abatement exemption is granted.
F.
Estimates of the cost of completing said project.
G.
A statement showing the real property taxes currently being assessed
at the project site, estimated tax payments that would be made annually
by the applicant on the project during the period of the agreement
and estimated tax payments that would be made by the applicant on
the project during the first full year following termination of the
tax abatement/exemption agreement.
H.
A description of any lease agreement between the applicant and proposed
users of the project and a history and description of the user's
businesses.
I.
Such other pertinent information as may be required by the City Council.
Applicants shall be encouraged to submit applications for abatements
and/or exemptions prior to the commencement of construction. Following
receipt of a completed application as set forth above, the City Council
shall review the same to determine whether an abatement and/or exemption
improvements or new construction shall be granted following an individual
review and evaluation of each application submitted to the City Council.
An abatement and/or exemption of real property taxes pursuant to the
Act and this Article shall apply to property taxes levied for municipal
purposes, school purposes, county government purposes and for the
purposes of funding any other property tax exemptions or abatements.
A.
No abatement and/or exemption shall be granted pursuant to the Act
except upon written application by an applicant filed with the Assessor
and the Director of Economic and Community Development and subsequent
review and approval by the City Council.
B.
Each application shall be on a form prescribed by the Director of
the Division of Taxation in the Department of the Treasury and provided
for the use of applicants by the City Council.
C.
The granting of an abatement and/or exemption, or the abatement/exemption
agreement itself, shall be recorded and made a permanent part of the
official tax records of the City, which records shall contain a notice
of the termination date thereof.
As all tax abatement/exemption agreements shall be applied for
and granted on an individual project basis, the City Council shall
be required, following review, evaluation and subsequent approval
of each application, to adopt by ordinance authorization to enter
into a tax abatement/exemption agreement for a particular project.
Any tax abatement/exemption agreement entered into between the City
Council and an applicant shall provide for the applicant to pay to
the municipality, in lieu of full property tax payments, an amount
annually to be computed by one (1), but in no case a combination,
of the Cost Basis Formula, Gross Revenue Basis Formula or Tax Phase-In
Basis Formula, all as defined in Section 10 of the Act[1] and incorporated by reference herein as if set forth fully;
all tax abatements/exemptions applied for and granted pursuant to
and as provided by law.
[1]
Editor's Note: See N.J.S.A. 40A:21-10.
All dwellings as defined in the Act which are in structures
at least twenty (20) years old and which are eligible for tax abatements
and/or exemptions pursuant to the Act, the regulations promulgated
thereto and this Article shall be exempt from taxation for the first
twenty-five thousand dollars ($25,000) of otherwise taxable improvements
for a period of five (5) years following completion of such improvements.
The Tax Assessor of the City of Perth Amboy shall implement
N.J.S.A. 40A:21-1 et seq. in the City of Perth Amboy and shall accept
and receive applications for exemption of improvements from taxation
and shall record such applications and retain them as a permanent
part of the municipal tax records.
The Tax Collector shall, within a year of the adoption of this
Article, supply to each residential taxpayer a notice concerning the
tax exemption program, which notice shall be in a form approved by
the Department of Community Affairs.
[Added 9-12-2012 by Ord.
No. 1646-2012]
The determination and duration of exemption and/or abatement
of taxation for improvements to commercial and industrial structures
shall be made in accordance with Section 7 of the Act,[1] which is incorporated by reference herein as if set forth
fully; all tax abatements/exemptions applied for and granted shall
be pursuant to and as provided by law.
[1]
Editor's Note: See N.J.S.A. 40A:21-7.
