[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.
