
Donald Scarinci
Firm Managing Partner
201-896-4100 dscarinci@sh-law.comFirm News
Author: Donald Scarinci
Date: October 22, 2015
Firm Managing Partner
201-896-4100 dscarinci@sh-law.comDevelopers choose Scarinci Hollenbeck for their reputation and experience to help bring complex projects from idea to reality in the quickest and most cost effective way. The firm boasts a high success rate for the clients they agree to represent.
As a premier New Jersey and New York realty and infrastructure development law firm, Scarinci Hollenbeck is legal counsel to some of the most significant real estate projects in the New York/New Jersey Metropolitan Area. Many of these attorneys will be on hand for the CTBUH conference to offer their observations and experience and to participate in panel discussions.
Monday, October 26th at 1:45 PM, in host room 5 sponsored by Jersey City Make it Yours, Scarinci Hollenbeck Partner Todd Terhune, chair of the firm’s Brownfield & Infrastructure group, will participate in a panel discussion on Environmental Remediation, Brownfield, and Green Redevelopment. He will focus his talk on how to repurpose former industrial property for productive new uses.
At 3:45 PM, Scarinci Hollenbeck partner Donald M. Pepe, one of New Jersey’s most prominent redevelopment attorneys, will participate in a panel discussion entitled, “The Economics of Bringing Casino Gambling to North Jersey.” He will discuss the various zoning, environmental and regulatory hurdles involved in the process.
The Jersey City Make it Yours host room will showcase various companies such as Hoboken Brownstone Company, AECOS, Liberty Rising, Rafael Vinoly Architects, Langan, Atlantic Environmental Solutions, and others. All of these businesses frequently appear in redevelopment projects in Jersey City and elsewhere in the Garden State.
On Tuesday, October 27th, the Mayor of Jersey City, Steve Fulop, will participate in a panel titled Transit Oriented Development (TOD). The panel will discuss how TOD hubs fit into the urban landscape and how they help create, define, and catalyze new neighborhoods.
Jersey City’s recent comeback has become a case study in urban redevelopment. The combination of talented city planners and creative initiatives by Mayor Steve Fulop have resulted in more development of prime areas and more creation of affordable housing for city residents in the last two years than in the previous ten years combined.
The current tax abatement plan instituted by executive order dated September 3, 2015, known as the Fulop Community Benefit Plan is the cornerstone of Jersey City’s continued success. Participants at CTBUH2015 will have a first-hand opportunity to learn more about the new plan from Scarinci Hollenbeck attorneys and Mayor Fulop himself.
Donald M. Pepe, Chair of the Firm’s Tax Abatement Law Group, along with attorneys from our Commercial Real Estate Group, have analyzed the new plan and written extensively about it in various publications. They have a strong track record of assisting clients through the application process for tax abatement programs governed by New Jersey’s Long Term Tax Exemption Law.
The Scarinci Hollenbeck attorneys on hand at the conference will be available to discuss how they can assist in all phases of the abatement process. Including evaluating available programs, hands-on guidance in creating and registering qualified entities with the Department of Community Affairs, drafting abatement applications, negotiating financial agreements and project labor agreements, and advising on compliance issues.
The following chart, available here exclusively, outlines the benefits and requirements in each of the four tiers of the Fulop Community Benefit Plan. For more information and further discussion, please contact Donald M. Pepe.
Tax Tier | Term | Annual City Svc Charge | Annual County Svc Charge | Affordability Req | Admin Cost Charge | Term Extension | Voluntary Commitment for Term Extension |
---|---|---|---|---|---|---|---|
Tier 1 | 10 years | 13% annual gross revenues | 5% of annual City service charge | 2% of annual City service charge | 10% of units built on site must be Moderate Income affordable (80% AMI) or voluntary AHTF contribution of $5000 per unit built at project site in addition to standard $1,500/unit for every unit built as required by section 304-28(B) of the city code | Add’l 5 years = 15 years | 5% of onsite units built as part of zoning/redev’t plan or 10% onsite units built absent other Moderate Income Housing obligations; or, voluntary contribution to the AHTF of $15,000 per unit for every unit built at project site |
Tier 2 | 10 years | 11% annual gross revenues | 5% of annual City service charge | 2% of annual City service charge | 15% moderate income affordable housing built onsite or $1,500/unit contribution to the AHTF for every unit built as required by section 304-28(B) of the city code | Add’l 10 years = 20 years | 5% of onsite units built as part of zoning/redev’t plan or 10% onsite units built absent other Moderate Income Housing obligations; or, voluntary contribution to the AHTF of $15,000 per unit for every unit built at project site |
Tier 3 | 20 years | 11% annual gross revenues | 5% of annual City service charge | 2% of annual City service charge | 15% moderate income affordable housing built onsite or $1,500/unit contribution to the AHTF for every unit built as required by section 304-28(B) of the city code | Add’l 10 years = 30 years | 5% of onsite units built as part of zoning/redev’t plan or 10% onsite units built absent other Moderate Income Housing obligations; or, voluntary contribution to the AHTF of $15,000 per unit for every unit built at project site |
Tier 4 | 30 years | 11% annual gross revenues | 5% of annual City service charge | 2% of annual City service charge | 15% moderate income affordable housing built onsite or $1,500/unit contribution to the AHTF for every unit built as required by section 304-28(B) of the city code | None | None |
To continue reading further on Tax Abatements in Jersey City feel free to take a look at some of the articles on the subjects by the Scarinci Hollenbeck attorneys.
A Look At Jersey City’s Latest Tax Abatement Policy
The Tax Abatement Process in Jersey City, NJ: The Basics
The Long-Term Tax Abatements in New Jersey
How To File A Five-Year Tax Abatement In New Jersey
Tax Abatement Attorney in Jersey City, NJ
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