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AN ORDINANCE AMENDING AND SUPPLEMENTING TITLE X, FINANCE AND TAXATION, CHAPTER 23, FIVE-YEAR TAX EXEMPTION AND ABATEMENT, BY ADDING DWELLINGS, MULTIPLE DWELLINGS, AND COMMERCIAL AND INDUSTRIAL PROJECTS, ESTABLISHING NON-APPLICABLE AREAS AND TO INCENTIVIZE DEVELOPMENT THROUGHOUT THE NEIGHBORHOODS OF THE CITY OF NEWARK.
Sponsors: Gonzalez/James
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WHEREAS, the Municipal Council of the City of Newark adopted "Title X, Finance And Taxation, Chapter 23, Five -Year Tax Exemption And Abatement, which has been amended from time to time (the "City Ordinance"); pursuant to N.J.S.A. 40A:23-1 et seq;" and
WHEREAS, the City of Newark ("City") is seeking to incentivize and promote real estate development throughout the neighborhoods of the City; and
WHEREAS, this policy of neighborhood incentives for promoting economic development, real estate development, and job creation does not apply to the following areas: (1) the Newark Downtown District, (2) the Newark Liberty International Airport, and (3) the Port Newark ("Non-Applicable Areas"); and
WHEREAS, there is a need for new construction and significant rehabilitation of residential, commercial, and industrial real estate within the neighborhoods of the City, except the Non-Applicable Areas; and
WHEREAS, the City desires to amend the City Ordinance to include commercial and industrial projects in addition to promoting real estate development within the neighborhoods; and
WHEREAS, N.J.S.A. 40A:21-9 permits the City to provide for tax agreements for the exemption and abatement from taxation for the construction of commercial or industrial structures, or multiple dwellings.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
Section 1. Title X, Finance and Taxation, Chapter 23, Five-Year Tax Exemption and Abatement is hereby amended as follows (note: additions are shown ...
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