[Adopted 12-11-1997 by Ord. No. MC-3356 (Ch. 510, Art. II, of the 1987 Code)]
A. 
The City of Camden hereby adopts the provisions of the "Long Term Tax Exemption Tax Law, N.J.S.A. 40A:20-1 et seq., and authorizes the receipt of applications pursuant to the provisions thereof.
B. 
The City of Camden hereby specifically authorized long-term tax exemption must be specifically approved by resolution of the Council in accordance with N.J.S.A. 40A:20-8.
C. 
As provided by the Long Term Tax Exemption Law, applications may be accepted and approved for all projects located in an area designated as an urban enterprise zone pursuant to the provisions of N.J.S.A. 52:27H-60 et seq., in an area which has been previously designated as a blighted area pursuant to the provisions of N.J.S.A. 40:55C-1 et seq., (now repealed)[1] or in an area which has been designated as an area in need for redevelopment pursuant to the terms of P.L. 1992 c. 79,[2] or as may be otherwise authorized by state law.
[1]
Editor's Note: N.J.S.A. 40:55C-1 et seq. was repealed by L. 1992, c. 79, § 59.
[2]
Editor's Note: See N.J.S.A. 40A:12A-1 et seq.
All applications by an urban renewal entity for a long-term tax exemption for a project shall be submitted to the Business Administrator who shall forward it to the Office of Development in the Department of Administration. The urban renewal entity must file its application before proceeding with any project covered by the application. Amendments may be submitted subsequent to the filing and additional applications may be submitted by projects constructed in stages. An urban renewal agency shall be deemed to have proceeded with a project when it or its agents commence construction pursuant to the authorization granted by a valid construction permit. The Office of Development shall review all applications submitted pursuant to the Law. Incomplete applications shall be returned to the urban renewal entity with notation of the deficiencies. Any application returned in this manner shall be deemed to have been rejected. The urban renewal entity may then resubmit the application as is or as revised. The Office of Development shall forward its comments to the Business Administrator who shall forward comments and recommendations to this Council within 60 days of submission or resubmission of the application.
All agreements prepared pursuant to the Law and this article shall contain a provision requiring prompt payment of the service charges due in lieu of tax. The agreement shall further provide that interest and penalties on late payments of service charges shall be computed in the same manner as interest and penalties are assessed on late payment of real estate property taxes and that the failure to pay any service charge within 90 days of its due date shall be cause for termination of the agreement by resolution of this Council in which case the exemption will cease and the property will be assessed and taxed at normal rates effective from the final day of the period the last payment was received.