March 21, 2013 - Registration Still Open for NJRA Redevelopment Training Institute Workshop
REGISTRATION STILL OPEN FOR
Attendees Will Learn about Tax Abatements, the Municipal Budget and the
TRENTON, N.J. – New Jersey Department of Community Affairs (DCA) Commissioner Richard E. Constable, III today announced that registration is still open for the upcoming “Tax Abatements and the Municipal Budget” workshop being held on March 26, 2013 at Thomas Edison State College in Trenton, NJ. This workshop is part of the Redevelopment Training Institute hosted by the New Jersey Redevelopment Authority (NJRA), an affiliated agency of the DCA.
“Decisions on whether to offer tax abatements and how much such abatements should be are often not straightforward,” said Commissioner Constable. “This workshop will give attendees direct access to real estate attorneys and consultants who will share their experiences on how to assess properly whether or not a municipality should exempt a project from full taxation.”
The workshop session will review the tax abatement law, the abatement process, and the potential economic and fiscal benefits of the project from the municipality’s perspective, including any economic spillover benefits of the project. Attendees will also learn to explore the different contractual obligations between the developer and the municipality, and how to calculate and negotiate payments to maximize revenue for the municipality.
Additionally, the workshop will cover how a municipal budget works, how development affects municipal expenditures, key provisions of the short- and long-term tax exemption law, how PILOT revenues are allocated and utilized, and how Fiscal Impact Studies are performed and their importance in redevelopment planning.
“Municipalities are coming to the realization that they are true partners in the redevelopment and development of projects,” said Leslie A. Anderson, NJRA Executive Director. “Like any other investor, municipal officials must analyze their “investment” in development projects to see if projects have a positive or negative impact on the municipal budget and if they meet the municipality’s goals and objectives.”
This workshop has been approved for six (6) Continuing Legal Education Credits (CLE), 5.5 PTA Credits through the State of New Jersey, Assessor Continuing Education Eligibility Board, and six (6) Certification Maintenance credits through The American Institute of Certified Planners (AICP).
The NJRA RTI offers intensive training courses that focus on the redevelopment of New Jersey’s communities. The NJRA RTI is designed to provide non-profit and for-profit developers, professional consultants, entrepreneurs, city/county staff, and lawyers with a body of knowledge of the redevelopment and real estate development process and project financing.
The New Jersey Redevelopment Authority, a DCA affiliate, is an independent authority committed to revitalizing urban New Jersey. NJRA invests financial and technical resources into redevelopment projects to ensure that projects are urban-focused, neighborhood-based and investment-driven.
For further information on the NJRA RTI, including application information, registration and directions, please call the RTI Hotline at 609-278-5779 or visit http://www.njra.us/rti.