[Ord. #1340, § 1]
For the purpose of this section:
Shall mean the Five-Year Exemption and Abatement Law, N.J.S.A.
40A:21-1 et seq. enacted into law on or about January 18, 1992.
Shall mean the Borough of Keansburg.
|
All other definitions shall be as contained in N.J.S.A. 40A:21-3.
|
[Ord. #1340, § 2]
a.
The Borough may enter into agreements with developers and/or owners of property that are in areas in need of redevelopment or rehabilitation within the Borough, as determined by the Council in accordance with N.J.S.A. 40A:12A-1 et seq. providing tax abatements and/or exemptions for the construction of commercial or industrial structures within the Borough pursuant to the Act. This power to enter into tax abatement/exemption agreements shall be subject to all definitions set forth within Section 3 of the Act, incorporated therein as if set forth herein at length.
b.
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, workers safety, discrimination in employment, housing
provision, zoning, planning and building code requirements.
c.
An abatement and/or exemption of real property taxes, pursuant to
the Act and this section, 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.
[Ord. #1340, § 3]
a.
Applicants for tax abatement and/or exemption shall submit an application
setting forth:
1.
A general description of the project for which abatement and/or exemption
is sought;
2.
A legal description of all real estate necessary for the project;
3.
Plans, drawings and other documents as may be required by the Borough
to demonstrate the structure and design of the proposed project;
4.
A description of the numbers, classes and type of employees to be
employed at the project site within two years of completion of the
project;
5.
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 and/or exemption is granted;
6.
Estimates of the cost of completing the project;
7.
A statement showing:
(a)
The real estate property taxes currently being assessed at the
project site;
(b)
Estimated tax payments that would be made annually by the applicant
on the project during the first full year following termination of
the tax abatement/exemption; and
(c)
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.
8.
A description of any lease agreement between the applicant and proposed
users of the project and a history and description of the user's business;
and
9.
Such other pertinent information as may be required by the Borough.
b.
Applicants shall submit applications for abatements to the Borough
Manager. Following receipt of a completed application as set forth
above, the Borough shall review same to determine whether an abatement
and/or exemption for new construction shall be granted following an
individual review and evaluation of each application submitted to
the Borough. The Borough Manager shall forward a copy of the completed
application to the Borough Council within 30 days of his receipt of
same.
No abatement and/or exemption shall be granted pursuant to the
Act except upon written application by an applicant filed with the
Borough Manager, and subsequent review and approval of the tax abatement
agreement by the Mayor and Borough of the completed application to
the Borough Council within 30 days of his receipt of same.
c.
No abatement and/or exemption shall be granted pursuant to the Act
except upon written application by an applicant filed with the Borough
Manager, and subsequent review and approval of the tax abatement agreement
by the Mayor and Borough Council. The tax abatement/exemption agreement
itself shall be recorded and made a permanent part of the official
tax records of the Borough, which records shall contain a notice of
termination date thereof.
[Ord. #1340, § 4]
a.
The authorization to enter into a tax abatement/exemption agreement
must be granted by ordinance. Any tax abatement/exemption agreement
shall contain those terms required by the Act, including:
1.
Any tax abatement/exemption agreement entered into between the Borough
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, 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 the Act and incorporated by references herein as it
set forth fully.
2.
All tax abatements/exemptions applied for and granted pursuant to
the Act and this section shall be in effect for a period of no more
than five full years following the date of completion of the project.
b.
No abatement and/or exemption shall be granted, or tax abatement/exemption
agreement entered into pursuant to this Act or this section with respect
to any property for which property taxes are delinquent or remain
unpaid, or for which penalties for nonpayment of taxes are currently
then due and owing.
c.
No abatement and/or exemption shall be effective until the applicant
has complied with the requirements of N.J.S.A. 40A:21-6.
d.
Within 30 days following execution of a tax abatement/exemption agreement,
pursuant to the Act and this section, the Borough shall forward a
copy of the agreement to the Director of the Division of Local Government
Services in the Department of Community Affairs.
[Ord. #1340, § 5]
No exemption or abatement shall be granted pursuant to the Act
(L. 1991, c. 441) except upon written application therefor filed with
and approved by the Assessor of the Borough. Every 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 claimants
by the Borough, and shall be filed with Assessor with 30 days, including
Saturday and Sunday, following the completion of the improvement,
conversion, alteration or construction. Every application for exemption,
or exemption and abatement, within the Borough which is filed within
the time specified, shall be approved and allowed by the Assessor
to the degree that the application is consistent with the provisions
of the adopting ordinance and the tax agreement, provided that the
improvement, conversion, alteration or construction pursuant to the
provisions of this Act and the tax agreement. The granting of an exemption,
or exemption and abatement, or tax agreement shall be recorded and
made a permanent part of the official tax records of the Borough,
which record shall contain a notice of the termination date thereof.
[Ord. #1340, § 6]
An abatement and/or exemption may qualify for an additional
abatement and/or exemption as if said property has not received a
previous abatement and/or exemption. In this event, the additional
improvement or construction shall be considered separate for the purposes
of calculation exemptions and abatements pursuant to the Act, except
that the assessed value of any previous improvement or construction
shall be added to the assessed valuation of the property from which
any additional abatement is to be subtracted.
[Ord. #1340, § 7]
Upon termination of a tax abatement/exemption agreement referenced
hereunder, a project shall be subject to all applicable real property
taxes as provided by State law and regulations, as well as local ordinances.
However, nothing herein shall prohibit a project, upon termination
of a tax abatement/exemption agreement, from qualifying for and receiving
the full benefits of any other tax preferences provided by law.
[Ord. #1340, § 8]
Pursuant to the Act, during the first year following adoption
of the section codified in this Chapter, the Borough shall include
an appropriate notice of the adoption of said section in the mailing
of annual property tax bills to each owner of property located in
an area in which abatements and/or exemptions may be allowed.
