TITLE
AN ORDINANCE AMENDING TITLE X, FINANCE AND TAXATION, CHAPTER 24, SECTION 8 AND 10, "PROCEDURES FOR APPLICATION, APPROVAL, AND ADMINISTRATION OF LONG TERM TAX EXEMPTIONS" FOR TRANSFORMATIVE CORPORATE HEADQUARTERS PROJECTS.
body
WHEREAS, the City of Newark has the infrastructure to attract major corporate development opportunities, which can create thousands of job opportunities; and
WHEREAS, large corporations have approached the City with proposed development projects indicating the creation and economic development and employment opportunities for the City residents and the greater metropolitan area; and
WHEREAS, the Department of Economic and Housing Development has determined that it is in the City's economic interest to encourage such development opportunities within the City of Newark; and
WHEREAS, Mayor of the City of Newark, the Director of the Department of Economic and Housing Development, and the Director of Finance, proposes an amendment to Title X, Chapter 24, Section 8 and Section 10 to include a new Sub-section for Transformative Corporate Headquarters Projects.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
Section 1. Title X, Chapter 24, Section 1 entitled "Definitions" is hereby amended to include a new definitions pursuant to N.J.S.A. 34:1B-257 for "Transformative Corporate Headquarters," "Capital Investment," ""Eligible position or full-time job," and "Qualified Business Facility" as follows:
A "Transformative Corporate Headquarters" means the corporate headquarters of a business that is a qualified business facility at which the business intends to create at least 30,000 new full-time jobs and make at least Three Billion Dollars and Zero Cents ($3,000,000,000.00) in capital investment in the City of Newark.
"Capital investment" in a Transformative Corporate Headquarters means expenses by a business or any affiliate of the business incurred after application...
Click here for full text