ASSEMBLY, No. 2693

STATE OF NEW JERSEY

213th LEGISLATURE

 

INTRODUCED MAY 12, 2008

 


 

Sponsored by:

Assemblywoman L. GRACE SPENCER

District 29 (Essex and Union)

Assemblyman ALBERT COUTINHO

District 29 (Essex and Union)

 

 

 

 

SYNOPSIS

     Clarifies that certain sports and entertainment projects are an essential public and governmental use and purpose and exempt from property taxation.

 

CURRENT VERSION OF TEXT

     As introduced.

  


An Act concerning certain sports and entertainment projects and the exemption thereof from property taxation and special assessments, and supplementing chapter 4 of Title 54 of the Revised Statutes.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    A sports and entertainment project constructed under a redevelopment plan adopted by an eligible city and owned by the eligible city, or an agency or instrumentality of the eligible city, which is used and operated by the eligible city, or the agency or instrumentality of the eligible city, or by a lessee thereof under a lease from the eligible city, or agency or instrumentality of the eligible city, to provide sports and entertainment events, shows, public meetings or events, exhibitions, or other expositions, shall be deemed to be devoted to an essential public and governmental use and purpose, and the property thereof and any such leasehold estate therein shall be exempt from all property taxation and special assessments of the State or any political subdivision thereof, imposed under chapter 4 of Title 54 of the Revised Statutes.

 

     2.    The agency or instrumentality of the eligible city shall pay over to the city all net rents and other revenues received by the agency or instrumentality from its ownership, operation, or leasing of the sports and entertainment project, after providing for payment of all costs, expenses, and other obligations payable by the agency or instrumentality from such rents or other revenues, including any amounts payable under any lease of the sports and entertainment project.

 

     3.    So long as the eligible city, or agency or instrumentality of the eligible city, shall be the owner of the sports and entertainment project, the powers, rights, and privileges granted under law to the eligible city, or agency or instrumentality of the eligible city, for any of its purposes, may be exercised by it for the purposes of the sports and entertainment project.

 

     4.    As used in sections 1 through 3 of P.L.     , c.   (C.       ) (pending before the Legislature as this bill), the following terms are defined as follows:

     “Sports and entertainment project” means a non-open air arena, stadium, pavilion, stands or playing fields, together with the buildings, structures, infrastructure, facilities, properties, and amenities related to or necessary for the operation, leasing, or use thereof; and

     “Eligible city” means a city of the first class within the State.

 

     5.    This act shall take effect immediately.

STATEMENT

 

     This bill provides that a sports and entertainment project constructed under a redevelopment plan and owned by a city of the first class, or by an agency or instrumentality of a city of the first class, which is used and operated by the city, agency, or instrumentality, or by a lessee thereof, to provide sports and entertainment events, shows, public meetings or events, exhibitions, or other expositions, shall be deemed to be devoted to an essential public and governmental use and purpose.  In addition, the property thereof and any such leasehold estate therein, shall be exempt from all property taxation and special assessments of the State or any political subdivision imposed under chapter 4 of Title 54 of the Revised Statutes.  The city, agency, or instrumentality may exercise its powers, rights, and privileges granted under law for the purposes of the sports and entertainment project.  The bill requires the agency or instrumentality to transfer all rents and revenues it derives from the sports and entertainment project that remain after providing for the payment of all costs, expenses, and other obligations, over to the municipality.