Exemptions from taxation for improvements to
commercial or industrial structures may be granted upon review, evaluation
and approval of each application on an individual basis by the Township
Council. In determining the value of real property, the Township shall
regard up to the Assessor's full and true value of the improvements
as not increasing the value of the property for a period of five years,
notwithstanding that the value of the property to which the improvements
are made is increased thereby. During the exemption period, the assessment
on the property shall not be less than the assessment thereon existing
immediately prior to the improvements, unless there is damage to the
structure through action of the elements sufficient to warrant a reduction.
Exemption from taxation for new construction
of commercial or industrial structures may be granted upon review,
evaluation and approval of each application on an individual basis
by the Township Council and upon execution of an agreement which shall
be entered into between the Township and the developer, in accordance
with the procedures set forth in this article.
Applicants for tax exemption for new construction
of commercial or industrial structures shall provide the Township
Council with an application setting forth:
A. A general description of the project for which abatement
is sought.
B. A legal description of all real estate necessary for
the project.
C. Plans, drawings and other documents as may be required
by the Township Council to demonstrate the structure and design of
the project.
D. A description of the number, classes and type of employees
to be employed at the project site within two years of completion
of the project.
E. A statement of the reasons for seeking tax abatement
on the project, and a description of the benefits to be realized by
the applicant if a tax agreement is granted.
F. Estimates of the cost of completing the project.
G. A statement showing:
(1) The real property taxes currently being assessed at
the project site;
(2) Estimated tax payments that would be made annually
by the applicant on the project during the period of the agreement;
and
(3) Estimated tax payments that would be made by the applicant
on the project during the first full year following the termination
of the tax agreement.
H. A description of any lease agreements between the
applicant and proposed users of the project, and a history and description
of the users' businesses.
I. Such other pertinent information as the Township Council
may require.
The granting of an exemption and the tax agreement
shall be recorded and made a permanent part of the official tax records
of the Township, which record shall contain a notice of the termination
date thereof.
Upon approval of an application for tax exemption
for a particular project or projects, the Township shall enter into
a written agreement with the applicant for the exemption of local
real property taxes. An agreement shall provide for the applicant
to pay to the Township in lieu of full property tax payments an amount
equal to a percentage of taxes otherwise due, according to the following
schedule:
A. In the first tax year following completion, no payment
in lieu of taxes otherwise due.
B. In the second tax year following completion, an amount
not less than 20% of taxes otherwise due.
C. In the third tax year following completion, an amount
not less than 40% of taxes otherwise due.
D. In the fourth tax year following completion, an amount
not less than 60% of taxes otherwise due.
E. In the fifth tax year following completion, an amount
not less than 80% of taxes otherwise due.
All projects subject to the tax agreement, as
provided herein, shall be subject to all applicable federal, state
and local laws and regulations, including pollution control, worker
safety, discrimination in employment, housing provision, zoning, planning
and Building Code requirements.