New Jersey § 40a:12a-66

§ 40a:12a-66.

a. A municipality that has designated a redevelopment area or a municipality in which

a redevelopment project is undertaken by a State entity redeveloper pursuant to a

State entity redevelopment agreement may provide for tax abatement within that redevelopment

area and for payments in lieu of taxes in accordance with the provisions of P.L.1991, c. 431 ( C.40A:20-1 et seq. ) and P.L.1991, c. 441 ( C.40A:21-1 et seq. ); provided, however, that the provisions of section 12 of P.L.1991, c. 431 ( C.40A:20-12 ) establishing a minimum or maximum annual service charge and requiring staged increases

in annual service charges over the term of the exemption period, and of section 13

of P.L.1991, c. 431 ( C.40A:20-13 ) permitting the relinquishment of status under that act, shall not apply to redevelopment

projects financed with bonds. b. A municipality in which a redevelopment project is undertaken by a State entity

redeveloper pursuant to a State entity redevelopment agreement regarding real property

that is not otherwise subject to real property tax may provide for payments in lieu of taxes pursuant to a financial agreement among, as applicable, the State entity or the municipality or both, and the State entity redeveloper receiving the benefits of sections 1 through 10 of P.L.2001, c. 310 ( C.40A:12A-64 et seq. ) without regard to the provisions of P.L.1991, c. 431 ( C.40A:20-1 et seq. ). c. In addition to, or in lieu of, the payments in lieu of taxes provided for in subsection a. or b. of this section, the municipality may provide

by ordinance for one or more special assessments within the redevelopment area in

accordance with chapter 56 of Title 40 of the Revised Statutes, R.S.40:56-1 et seq. , provided, however, the local improvements for which special assessments may be made may include any improvement

in the redevelopment area whether or not listed at R.S.40:56-1 and environmental remediation and, provided further, that the provisions of R.S.40:56-35 shall be applied so that if any installment of a special assessment shall remain

unpaid for 30 days after the time at which it shall become due, the municipality may

provide, by ordinance, either that: (1) the whole assessment or balance due thereon

shall become and be immediately due; or, (2) any subsequent installments which would

not yet have become due except for the default shall be considered as not in default

and that the lien for the installments not yet due shall continue; and provided,

further, that the ordinance may require that the assessments be payable in quarterly,

semi-annual , or yearly installments, with legal interest thereon, over a period of years up to

but in no event exceeding the period of years for which the bonds were issued . In levying a special assessment on the lands or improvements, or both, located in

the redevelopment area, the municipality may provide that the amount of the special

assessment shall be a specific amount, not to exceed the cost of the improvements, plus any out-of-pocket costs or expenses incurred in connection with such improvements,

including, but not limited to, architectural, engineering, financing, legal, and other

professional fees, paid with respect to property located in the redevelopment area. That specific amount shall, to the extent accepted by the owner of the property

benefitted, be deemed the conferred benefit, in lieu of the amount being determined

by the procedures otherwise applicable to determining the actual benefit conferred

on the property. Special assessments levied pursuant to an ordinance adopted under this subsection

shall constitute a municipal lien under R.S.40:56-33 . d. Upon adoption, a copy of the ordinance shall be filed for public inspection in

the office of the municipal clerk, and there shall be published in a newspaper, published

or circulating in the municipality, a notice stating the fact and the date of adoption

and the place where the ordinance is filed and a summary of the contents of the ordinance. The notice shall state that any action or proceeding of any kind or nature in any

court questioning the validity or proper authorization of the ordinance or the actions

authorized to be taken as set forth in the ordinance shall be commenced within 20

days after the publication of the notice. If no action or proceeding questioning the validity of the ordinance providing for

tax abatement, special assessments , payments in lieu of taxes, or other actions authorized by the ordinance shall be commenced or instituted within

20 days after the publication of the notice, the county and the school district and

all other municipalities within the county and all residents and taxpayers and owners

of property therein shall be forever barred and foreclosed from instituting or commencing

any action or proceeding in any court questioning the validity or enforceability of

the ordinance or the validity or enforceability of acts authorized under the ordinance,

and the ordinance and acts authorized by the ordinance shall be conclusively deemed

to be valid and enforceable in accordance with their terms and tenor. e. Notwithstanding any provision of the “Redevelopment Area Bond Financing Law,” sections

1 through 10 of P.L.2001, c. 310 ( C.40A:12A-64 et seq. ), or the “Long Term Tax Exemption Law,” P.L.1991, c. 431 ( C.40A:20-1 et seq. ), to the contrary, whenever proceeds of a bond are used to conduct environmental

remediation, the term of any agreement securing that bond, whether a financial agreement

providing a payment in lieu of taxes or a special assessment agreement providing for

the payment of a special assessment, or both, may, subject to the board's review and

approval pursuant to subsection g. of section 4 of P.L.2001, c. 310 ( C.40A:12A-67 ), be 35 years plus the anticipated duration of conducting environmental remediation;

provided, however, that the term of any such agreement securing the bonds shall not

exceed 30 years from substantial completion of the redevelopment project associated

with the environmental remediation.