Title
AN ORDINANCE AMENDING TITLE X, FINANCE AND TAXATION, CHAPTER 24, PROCEDURES FOR APPLICATION, APPROVAL AND ADMINISTRATION OF LONG TERM TAX EXEMPTIONS, OF THE REVISED GENERAL ORDINANCES OF THE CITY OF NEWARK, NEW JERSEY, 2000, AS AMENDED AND SUPPLEMENTED TO ADD BUILDING MAINTENANCE AS A MATERIAL CONDITION OF THE FINANCIAL AGREEMENT AND TO PERMIT THE CITY OF NEWARK TO RESCIND A TAX EXEMPTION AND FINANCIAL AGREEMENT IF AN ENTITY FAILS TO COMPLY WITH BUILDING MAINTENANCE REQUIREMENTS.
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WHEREAS, the Long Term Tax Exemption Law ("LTTEL" at N.J.S.A. 40A:20-1 et al.) provides municipalities with the means of accomplishing the redevelopment and rehabilitation purposes of the Local Redevelopment and Housing Law ("LRHL" at N.J.S.A. 40A:12A-1 et al.); and
WHEREAS, to effectuate the means of accomplishing redevelopment and rehabilitation within the City of Newark, the Municipal Council adopted Title X, Chapter 24, entitled "Procedures for Application, Approval, and Administration of Long Term Tax Exemptions" pursuant to the LTTE and codified in Newark Municipal Code Section 10:24-1 et seq; and
WHEREAS, the Municipal Council has recently become aware that certain owners of properties who have received Long Term Tax Exemptions have been delinquent in making their payment in lieu of taxes. This is resulting in the lowering of property values, tax revenue shortfalls, and is placing an undue tax burden on those taxpayers who timely pay their taxes as they are forced to shoulder the burden of those owners who have received a tax break by the Municipal Council through the issuance of Long Term Tax Exemptions; and
WHEREAS, the Municipal Council has also become aware that certain owners who have received Long Term Tax Exemptions are failing to properly maintain their properties for reasons that include, but are not limited to, repairing or replacing broken elevators; repairing or replacing broken heating and air conditioning units or sys...
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