Definitions shall be as provided for in the Long-Term Tax Exemption
Law, N.J.S.A. 40A:20-1 et seq., and specifically N.J.S.A. 40A:20-3.
The form and contents of the application shall be as provided for in
N.J.S.A. 40A:20-8. A proposed financial agreement shall conform with the provisions
of the Long-Term Exemption Law.
No application for approval or amendment of a tax exemption shall be
accepted unless it is accompanied by full payment of the following fees as
provided for in N.J.S A. 40A:20-12 as follows: the application fee is 2% of
the payment in lieu of tax. In addition, an annual administrative fee of 2%
of the payment in lieu of tax shall be paid.
Any change made in the ownership of the project or which would materially
affect the terms of the agreement including but not limited to a change in
the use to which the project is put shall void the agreement unless approved
by the Township of Hillside by ordinance. Any request to transfer the agreement
to another eligible entity pursuant to N.J.S.A. 40A:20-10 shall he conditioned
upon the transferring entity being in compliance with the agreement and current
with all in lieu tax payments due to the Township of Hillside.