NJ S3915

Municipalities entering into new financial agreements for tax-exempt redevelopment projects must share a portion of annual service charges (payments in lieu of taxes) with school districts, calculated for residential projects by multiplying the number of school-age children attending public school by the state's base per pupil amount, or 5% for nonresidential projects

Urban renewal entities must provide copies of applications and financial agreements to county boards, school districts, superintendents, and the Department of Community Affairs, which must post these documents on its website

School boards have 90 days to approve or deny negotiated agreements with municipalities regarding payment sharing, and representatives of counties and school districts receive a 10-day review period to submit recommendations on proposed projects

Municipalities may alternatively enter into agreements with school districts and urban renewal entities to provide special projects for schools in lieu of direct payment sharing

Revenue received by school districts from these payments must be used exclusively to reduce local property tax levies for school purposes, and payments received in the prebudget year are subtracted from the school district's tax levy growth limitation calculation