Title
ORDINANCE AUTHORIZING NEGOTIATED REDUCTIONS IN THE ANNUAL SERVICE CHARGE PURSUANT TO THE NEW JERSEY LONG TERM TAX EXEMPTION LAW, FOR REDEVELOPMENT PROJECTS PROVIDING AFFORDABLE GROUND-FLOOR RETAIL SPACE IN ADDITION TO ENHANCED AFFORDABLE HOUSING.
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WHEREAS, the City of Newark (the “City”) is authorized pursuant to the New Jersey Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. (the “Long Term Tax Exemption Law”), to enter into financial agreements for development projects and to establish annual service charges in connection therewith; and
WHEREAS, the City, pursuant to the Long Term Tax Exemption Law has adopted Title 10, Finance and Taxation, Chapter 24, Procedures for Application, Approval and Administration of Long Term Tax Exemptions to govern the procedures for Long Term Tax Exemptions including the approval of PILOT applications and financial agreements governing same; and
WHEREAS, the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1. et. seq., as amended and supplemented, authorizes municipalities to undertake redevelopment activities and to encourage the redevelopment of property within designated redevelopment areas; and
WHEREAS, the Municipal Council, pursuant to Ordinance 6PSFE-e adopted on November 1, 2023, implemented affordable housing regulations including Title 41, Zoning and Land Use Regulations, Chapter 21, Inclusionary Zoning for Affordable Housing, (the “City’s IZO”), requiring all new residential, mixed-use developments, and substantial rehabilitations with 15 or more residential units to set aside twenty (20%) of the total residential units as income restricted units, of which five percent (5%) shall be income restricted units not exceeding forty percent (40%) of Area Median Income (AMI), five percent (5%) shall be income restricted units not exceeding sixty percent (60%) of AMI, and ten percent (10%) shall be income restricted units not exceeding eighty percent (80%) of AMI; and
WHEREAS, the City recognize...
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