Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Waiving 20 day period for an ordinance to take effect
Purpose: To waive 20 day period for implementation of amendments to 5 year tax abatement as any further delays will continue to negatively impact the real estate market
Ordinance No(s).: 6PSF-c 080112
Additional Information:
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WHEREAS, N.J.S.A. 54:4-3.139 et seq. (the “State Law”) authorizes municipalities in which an urban enterprise zone has been established to provide for abatements of real property taxes for qualified residential properties; and
WHEREAS, pursuant to the State Law, the Municipal Council adopted Ordinance 6PSF-K 012109 (the “Prior Ordinance”) establishing a program under which owners of newly constructed residential properties of 1 to 4 dwelling units meeting certain specified qualifications may obtain a five year tax abatement for such properties; and
WHEREAS, Section 3 of the Prior Ordinance provided that no abatement shall be granted to a nonowner occupant more than three years following the date of final adoption of the Prior Ordinance; and
WHEREAS, one of the public purposes for the adoption of the State Law and the Prior Ordinance was to encourage the construction of qualifying residential housing units in order to stimulate neighborhood revitalization and to provide housing for the employees of businesses located within urban enterprise zones; and
WHEREAS, this public purpose has been frustrated due to the inclusion of the three year limitation within the Prior Ordinance as nonowner occupants who would otherwise qualify for tax abatement under the State Law and Prior Ordinance have refrained from constructing qualifying residential housing units and/or have delayed their construction of such units due to the tax burdens associated with such housing; and
WHEREAS, additionally, the inclusion of the three y...
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