Township of Hillside, NJ
Union County
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Table of Contents
Table of Contents
[HISTORY: Adopted by the Township Council of the Township of Hillside as indicated in article histories. Amendments noted where applicable.]
GENERAL REFERENCES
Building, housing and property maintenance — See Ch. 121.
[Adopted 7-1-2003]
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.
A. 
All payments in lieu of taxes to the municipality shall either be based upon 15% of the gross revenue of the urban renewal entity or 2% of the total project cost incurred by the entity in constructing the project. Gross revenue and total project cost are defined in N.J.S.A. 40A:20-3.
B. 
Tax abatement agreements shall be for a period of time pursuant to N.J.S.A. 40A:20-12.
C. 
The payment in lieu of taxes shall be paid to the municipality quarterly consistent with the municipality's tax collection schedule.
D. 
The applicant shall agree that the minimum in lieu of tax payment due on the project annually shall not be less than the taxes on the land and improvements which is the subject of the agreement in the last full year when property taxes were due and owing thereon.
E. 
All applications for tax abatements hereunder shall be submitted to the Township of Hillside and an ordinance approving the application and financial agreement must be approved prior to the commencement of construction of the project.
F. 
All projects applying for tax abatements hereunder shall be within the boundaries of the Township of Hillside Urban Enterprise Zone, shall be of a commercial or industrial nature which includes commencement of a construction project or the rehabilitation of a commercial or industrial project.
G. 
Payments in lieu of taxes shall commence with the substantial completion of the project.
H. 
The exemption is subject to the approval of the Municipal Council by ordinance of the Municipal Council.
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.
A. 
An urban renewal entity shall be limited as to its annual profits pursuant to N.J.S.A. 40A:20-15. Any excess profits shall be paid to the municipality pursuant to N.J.S.A. 40A:20-15. A determination of excess profits shall be made based upon the submission of an audit conducted by the urban renewal entity as provided in N.J.S.A. 40A:20-3(e). Excess profits shall be calculated as provided for in N.J.S.A. 40A:20-3(b) and (c).
B. 
The provisions of the Long-Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., and the financial agreement govern any default by the urban renewal entity.