2682-22 Tax Exemption and Abatement Ordinance.pdf

5 #12938269.1 Applicants for tax exemptions for improvements to commercial or industrial structures or to multiple dwellings, or conversion of other buildings to multiple dwelling use, shall provide the municipal governing body with a completed application setting forth the following: a. A general description of the project for which exemption 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 governing body to demonstrate the structure and design of the project; d. A statement of the reasons for seeking tax exemption on the project, and a description of the benefits to be realized by the applicant if a tax exemption is granted; e. Estimates of the cost of completing such project, which shall include, at a minimum, all items required to accompany an application for a construction permit under the Uniform Construction Code, pursuant to Paragraph 4 of N.J.A.C. 5:23-2; f. 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 exemption, 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 exemption; g. A description of any lease agreements between the applicant and proposed users of the project, and a history and description of the users’ businesses; and h. Such other pertinent information as the governing body may require, or as may be required by the assessor. i. Such exemptions shall be reviewed, evaluated and approved on an individual basis by the governing body. §22-1.5. Applications for Tax Exemption and Abatement for New Construction of Commercial and Multifamily Uses. There is hereby adopted a tax exemption and abatement program pursuant to N.J.S.A. 40A:21-1, et seq., as amended, for construction of commercial or industrial structures and/or multiple dwellings. Such exemptions and abatements shall only be granted after the filing of an application containing all of the information below and the approval of such application by the governing body. All applications pursuant to this subsection 1.5 shall be subject to an agreement to be approved and executed by the governing body. All tax agreements shall be applied for

tion by the governing body. All applications pursuant to this subsection 1.5 shall be subject to an agreement to be approved and executed by the governing body. All tax agreements shall be applied for and granted on an individual or project basis, after review, evaluation and approval of each application by the governing body.