Title
ORDINANCE AMENDING TITLE X, CHAPTER 24, PROCEDURES FOR APPLICATION, APPROVAL AND ADMINISTRATION OF LONG TERM TAX EXEMPTIONS.
Deferred 8-a 051717
Deferred 6PSF-c 071217
Deferred 6PSF-a 092017
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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, the LTTEL grants municipalities the authority to issue and extend tax abatements in order to accomplish their redevelopment goals; and
WHEREAS, the City previously adopted an ordinance entitled Title X, Chapter 24, Procedures for Application, Approval, and Administration of Long Term Tax Exemptions pursuant to the LTTEL and codified at Newark Municipal Code Section 10:24-1 et seq; and
WHEREAS, the City previously adopted Title X, Chapter 25, Extension of Non-Profit Tax Abatement agreements pursuant to the Urban Renewal Corporation and Association Law of 1961 ("URCAL" N.J.S.A. 40:55C-40 et seq.) and the Urban Renewal Nonprofit Corporation Law of 1965 ("URNCL" N.J.S.A. 40:55C-77 et seq.) and codified at Newark Municipal Code Section 10:25-1 et seq.; and
WHEREAS, the URCAL and URNCL were repealed by LTTEL (P.L.1991, c. 431 at N.J.S.A. 40A-20-1); and
WHEREAS, the LTTEL permits the issuance of tax abatements pursuant to the New Jersey Housing and Mortgage Finance Agency Law, ("NJHMFA" N.J.S.A. 55:14K-1 et seq.) for redevelopment projects financed by state subsidies for the construction of low and moderate income housing and the Redevelopment Bond Financing Law ("RBFL" N.J.S.A. 40A:12A-64 et seq.) for redevelopment projects financed with bonds; and
WHEREAS, the City of Newark wishes to standardize and improve its long-term tax exemption policy and procedures and revive its authority to extend tax abatements pursuant to the LTTEL through a mea...
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