[Adopted 5-26-1994 by Ord.
No. 94-23]
[Amended 5-18-1995 by Ord.
No. 95-23; 6-6-1996 by Ord.
No. 96-15; 10-16-1997 by Ord. No. 97-35]
The Borough Council does hereby establish within the Borough of Carteret
a redevelopment and tax abatement area for properties designated as Block
1, Lots 1, 2, 2.1, 2.2., 2.3, 2.4, 3 and 4; Block 2, Lots 1, 2, 3 and 4; Block
3, Lots 1, 2.01, 2.02, 2.23 and 4; Block 5.2, Lots 1.02, 1.03 and 2.01, and
Block 502, Lot 1.1, as shown and designated on the Tax Maps of the Borough
of Carteret, in accord with the provisions of N.J.S.A. 40A:21-1 et seq., and
it incorporates herein all the provisions of said Act as if the same were
fully set forth herein at length.
All redevelopment projects which may be subject to a tax abatement or
exemption agreement as provided for herein and in the Act shall be subject
to all applicable federal, state and local laws and regulations, including
but not limited to environmental protection, pollution control, work safety,
discrimination in employment, housing provision, zoning, planning, building
code requirements and such other codes or regulations as may in the future
be applicable.[1]
A.
Applicants for tax abatement and/or exemption for improvements
to existing commercial or industrial structures or for the construction of
commercial or industrial structures shall provide the Borough Council with
an application setting forth:
(1)
A general description of the project for which abatement
and/or exemption is sought.
(2)
A legal description of all real estate necessary for
the project.
(3)
Plans, drawings and other documents as may be required
by the Borough Council to demonstrate the structure and design of the proposed
project.
(4)
A description of the number, classes and type of employees
to be employed at the project site within two (2) years of completion of the
project.
(5)
A statement of the reasons for seeking tax abatement
and/or exemption on the project and a description of the benefits to be realized
by the applicant if a tax abatement/exemption is granted.
(6)
Estimates of the cost of completing said project:
(7)
A statement showing:
(a)
The real property taxes currently being assessed at the
project site.
(b)
Estimated tax payments that would be made annually by
the applicant on the project during the period of the agreement.
(c)
Estimated tax payments that would be made by the applicant
on the project during the first full year following termination of the tax
abatement/exemption agreement.
(8)
A description of any lease agreement between the applicant
and proposed users of the project and a history and description of the users
business.
(9)
Such other pertinent information as may be required by
the Borough Council.
B.
Applicants shall be encouraged to submit applications
for abatements and/or exemptions prior to the commencement of construction.
Following receipt of a completed application as set forth above, the Borough
Council shall review the same as to determine whether an abatement and/or
exemption for improvements or new construction shall be granted following
an individual review and evaluation of such application submitted to the Borough
Council. An abatement and/or exemption of real property taxes pursuant to
the Act and this article shall apply to property taxes levied for municipal
purposes, school purposes, county government purposes and for the purposes
of funding any other property tax exemptions or abatements.
C.
No abatement and/or exemption shall be granted pursuant
to the Act except upon written application by an applicant with the Assessor
and the Director of Planning and Development and subsequent review and approval
by the Borough Council. Each application shall be on a form prescribed by
the Director of the Division of the Treasury and provided for the use of applicants
by the Borough Council. The granting of an abatement and/or exemption or the
abatement/exemption agreement itself shall be recorded and made a permanent
part of the official tax records of the borough, which records shall contain
a notice of the termination date thereof.
As all tax abatement/exemption agreements shall be applied for and granted
on an individual project basis, the Borough Council shall be required, following
review evaluation and subsequent approval of each application, to adopt by
ordinance authorization to enter into a tax abatement/exemption agreement
for a particular project. Any tax abatement/exemption agreement entered into
between the Borough Council and an applicant shall provide for the applicant
to pay to the municipality, in lieu of full property tax payments, an amount
annually to be computed by one, but in no case a combination, of the cost
basis formula, the gross revenue basis formula or the tax phase-in formula,
all as defined in Section 10 of the Act[1] and incorporated by referenced herein as if set forth fully. All
tax abatements/exemptions applied for and granted pursuant to the Act and
this article shall be in effect for a period of no more than five full years
following the date of completion of the project.
[1]
Editor's Note: See N.J.S.A. 40A:21-10.
No abatement and/or exemption shall be granted or tax abatement/exemption
agreement entered into pursuant to this article with respect to any property
for which property taxes are delinquent or remain unpaid or for which penalties
for nonpayment of taxes are currently then due and owing.
Within 30 days following execution of a tax abatement/exemption agreement
pursuant to the Act and this Article, the borough shall forward a copy of
said agreement to the Director of the Division of Local Government Services
in the Department of Community Affairs.
Any ordinance approving a tax abatement/exemption for a specific project
pursuant to the Act and this article may provide that, for an additional improvement,
the assessed value of any previous improvement or construction shall be added
to the assessed valuation as it was prior to that improvement or construction
for the purpose of determining the assessed valuation of the property from
which any additional abatement is to be subtracted.
Upon termination of a tax abatement/exemption agreement referenced hereunder,
a project shall be subject to all applicable real property taxes as provided
by state law and regulation, as well as local ordinances. However, nothing
herein shall prohibit a project, upon termination of a tax abatement/exemption
agreement, from qualifying for and receiving the full benefits of any other
tax preferences provided by law.
Pursuant to the Act, during the first year following adoption of this
Article, the borough shall include an appropriate notice of the adoption of
this article in the mailing of annual property tax bills to each owner of
property located in an area in which abatements and/or exemptions may be allowed.
