This law creates an exemption from taxes for improvements made to real property as part of the state’s economic opportunity act of 2013, which incentivizes things such as bringing of fresh produce into food deserts.
See reference to "urban food deserts." P.1.
See reference to "bringing fresh produce to urban 'food desserts.'" P. 1.
See references to "economic development," and "capital investment." P. 1.
Although not labeled "findings," numerous findings-related statements are listed in the ordinance's preamble. They relate largely to the State's "Economic Opportunity Act" (EAO). Among them is the following language: "Whereas, the EOA improves the State' s sole redeveloper incentive program, sized and scaled to more readily close project financing gaps and build public infrastructure critical to redevelopment projects while also providing bonuses to achieve public policy objectives, such as bringing fresh produce to urban 'food deserts.'" P. 1.
"Although not labeled ""intent,"" the following language is included in the ordinance's preamble: ""Whereas, the City of Camden supports the EOA and believes that it will provide much needed capital investment in the City and bring jobs to the City. Whereas, the City of Camden desires to provide additional incentives to businesses to encourage them to make capital investment in the City, to create and retain jobs in the City, and to improve real property in the City. Whereas, the City of Camden desires to implement the tax exemptions available pursuant to the EOA."" P. 1. "
"Upon the issuance of a Certificate of Occupancy, or Temporary Certificate of Occupancy, in determining the value of real property, the City Tax Assessor shall regard up to the assessor's full and true value of the improvements constructed after September 18, 2013 as not increasing the value of the property for the first ten years and then increases by 10% each year of the new improvements until the tax for the new improvements reach 100% when the property is owned by a Garden State Growth Zone Development Entity; and not increasing for five years for all other property owners." P. 2. at § 510-28.
This is an uncodified ordinance. It amends Chapter 510 of the City of Camden Code to incorporate "Article VI. Exemption Pursuant to Economic Opportunity Act of 2013." History: this ordinance was adopted on December 13, 2013.