Jersey Township Trustees recently unanimously approved the creation of a community reinvestment area (CRA) to ensure “they will have a say on any potential future tax abatements within the township,” the Newark Advocate reports. Township Administrator Rob Platte said “the action of creating the CRA does not approve any abatements at this time” but means “the township’s approval would be required for any future abatements,” according to the article. The township “wants to make sure it has a say in any future abatements” because it previously approved tax increment financing districts (TIFs) that allow it “to direct a portion of the new property tax toward infrastructure improvements” on new development within the TIF area. The CRA allows the township to “negotiate how much is abated or completely deny an abatement, allowing the township to have a say in how much taxes are collected for improvements.” The program also “sets up targets that businesses have to hit,” such as number of people they employ, to receive abatements. For more, read the full article.
Officials approve proactive CRA for Jersey Township to secure voice in future abatements
