§5281. Definitions As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1993, c. 696, §3 (NEW).] 1. Commercial and industrial property. “Commercial and industrial property” means real and personal property used for or in connection with an industrial, commercial or other business enterprise and includes, […]
§5282. Municipal incentive development zones Municipal incentive development zones may be established to assist municipalities in encouraging private investment in industrial and commercial projects through the provision of public infrastructure necessary for improvements. Improvements and investments must provide new employment opportunities, improve and broaden the tax base and improve the general economy of the State. […]
§5283. Municipal incentive development zones; procedures 1. Procedures for establishment of zones. The municipal legislative body shall comply with the following procedures in establishing municipal incentive development zones. A. The municipal legislative body may establish municipal incentive development zones within the boundaries of the municipality by majority vote at a duly called meeting: […]
§5284. Tax shifts The municipal assessor shall certify, as of the date of approval of the municipal incentive development zone, the assessed value of all commercial and industrial property located within the zone as of the date of approval of the zone by the Commissioner of Economic and Community Development. During the term of the […]
§5285. Agreements between municipalities Municipalities may jointly create municipal incentive development zones that encompass property located within the boundaries of the municipalities. The municipalities may enter into agreements with each other allocating the economic benefit resulting from the creation of the zones. [PL 1993, c. 696, §3 (NEW).] SECTION HISTORY PL 1993, c. 696, […]
§5286. Declaration of public purpose The actions required to assist the establishment of municipal incentive development zones, including implementation of the applicable infrastructure improvement plans, and the execution and financing of these plans, are a public purpose. [PL 1993, c. 696, §3 (NEW).] SECTION HISTORY PL 1993, c. 696, §3 (NEW).
