New Jersey Statutes Title 55. Tenement Houses and Public Housing 55 § 19-52

In order to provide security for the bonds or other obligations authorized herein, a municipality may adopt an ordinance which provides for tax abatement within a redevelopment area and for a payment in lieu of taxes. Any tax abatement granted by the municipality and any agreement for the payment in lieu of taxes shall be included as part of a financial agreement between the municipality and the developer in accordance with the provisions of P.L.1991, c. 431 (C. 40A:20-1 et seq.); provided, however, that provisions of subsection b. of section 12 of P.L.1991, c. 431 (C. 40A:20-12), subsection a. of section 14 of P.L.1991, c. 431 (C. 40A:20-14) and subsection c. of section 18 of P.L.1991, c. 431 (C. 40A:20-18) shall not apply to any financial agreement entered into pursuant to this section.