Current through Register Vol. 56, No. 18, September 16, 2024
(a)
The annual financial statement required for municipalities by the Director
pursuant to
40A:5-12 shall include a schedule
of "Long-Term Tax Exemption Projects." The schedule shall be subject to audit
as part of the annual audit of the municipality performed pursuant to
40A:5-4. The Director may require
the schedule to be prepared and submitted on a computerized spreadsheet or
through other computerized form or structure as the Director may specify, as
well as, or in lieu of, a printed form.
(b) For each long-term tax exemption project,
the schedule shall include the following information:
1. The name of the project;
2. The type of project;
3. An indication of whether the project is
located in an approved redevelopment area;
4. An indication if the project is pursuant
to an approved redevelopment plan;
5. The taxable value of the
project;
6. The date of the
financial agreement, date when the tax exemption commenced and the date when
the exemption is scheduled to end;
7. The statutory basis for the
exemption;
8. The basis for the
calculation of the payment in lieu of taxation calculation;
9. For the fiscal year payment obligation
represented by the Annual Financial Statement:
i. The full payment due under the
agreement;
ii. The amount paid by
the entity responsible for making the payment;
iii. The amounts, if any, paid to entities
other than the municipality (that is, county, school district);
iv. For projects financed through
Redevelopment Area Bonds or Revenue Allocation District bonds, the amount of
payments pledged for debt service, any unpledged amount received by the
municipality, amounts, if any, paid to entities other than the municipality,
and any amount paid by the municipality from a debt reserve fund or remitted
through a guarantee;
v. The net
amount received by the municipality; and
vi. If no payment was required, the payment
was not made, or a reduced payment was made, an explanation of the
circumstances;
10. For
such projects, indication if the required annual audit report was received from
the urban renewal entity; and
11.
Any other such information as the Director may determine necessary for a given
project.
(c) The payment
schedule of any project approved after September 21, 2009 shall be submitted to
the Division of Local Government Services, pursuant to the filing requirements
set forth at
40A:5-12.
(d) For the purpose of this section, the term
"project" means:
1. Any work or undertaking,
as defined in the Long-Term Tax Exemption Law at N.J.S.A. 40A:20-3e, for which
a tax exemption has been conveyed subject to a financial agreement between a
municipality and an urban renewal entity;
2. A housing project financed by the New
Jersey Housing and Mortgage Finance Agency, pursuant to
55:14K-37;
3. Any work or undertaking involving the
remediation of a "qualified real property" and the reuse of such properties for
commercial, residential or other productive purposes, pursuant to the
Environmental Opportunity Zone Act, N.J.S.A. 54:3-150 et seq.; or
4. Any work or undertaking as defined in the
Redevelopment Area Bond Financing Law at
40A:12A-64, or Revenue Allocation
District Financing Act at
52:27D-459 for which the
municipality has entered into a financial agreement involving a payment in lieu
of taxes or special assessment that is financed under those statutes.
