The tax exemption provided in P.L.1991, c. 431 (C.40A:20-1 et seq.) shall apply only so long as the urban renewal entity and its project remain subject
to the provisions of P.L.1991, c. 431 (C.40A:20-1 et seq.), but in no event more than: 35 years from the date of the execution of the financial agreement; or, if authorized pursuant to paragraph (2) of subsection a. of section 12 of P.L.1991, c. 431 (C.40A:20-12), 50 years from the date of the execution of the financial agreement, in the case
of a phased project, or from the first financial agreement implementing a project
under the redevelopment agreement, in the case of two or more projects. A tax exemption authorized in connection with a nonprofit limited dividend cooperative
housing project under a financial agreement entered into pursuant to the “Limited-Dividend
Nonprofit Housing Corporations or Associations Law,” P.L.1949, c. 184 (C.55:16-1 et seq.) may be extended to coincide with existing first mortgage financing. The terms of any such extension shall be set forth in an amended financial agreement
between the urban renewal entity and the municipality. An urban renewal entity may at any time after the expiration of one year from the
completion date of the project, notify the governing body of the municipality that,
as of a certain date designated in the notice, it relinquishes its status under P.L.1991, c. 431 (C.40A:20-1 et seq.), and if the project includes housing units, that the urban renewal entity has obtained
the consent of the Commissioner of Community Affairs to such a relinquishment. As of that date, the tax exemption, the service charges, and the profit and dividend
restrictions shall terminate. The date of termination of tax exemption, whether by relinquishment by the entity
or by terms of the financial agreement, shall be deemed the close of the fiscal year
of the entity. Within 90 days of that date, the urban renewal entity shall pay to the municipality
the amount of reserve, if any maintained pursuant to section 15 or 16 of P.L.1991, c. 431 (C.40A:20-15 or 40A:20-16), as well as the excess net profits, if any, payable as of that date.
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