The Supreme Court has announced that it has granted review in EQR-LPC Urban Renewal North Pier, LLC v. City of Jersey City. The question presented in that appeal, as phrased by the Supreme Court Clerk’s Office, is “Do the 2003 amendments to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 to -22, apply to these tax abatement financial agreements entered into in 2000 and 2001?”
In a per curiam opinion, the Appellate Division (Judges Reisner and Hoffman) reversed a Law Division ruling in favor of plaintiffs. The panel held that the agreements did not incorporate amendments or supplements to the statute made after the date of the agreements, and that the Legislature did not intend that the 2003 amendments would alter the terms of pre-existing agreements. Plaintiffs sought Supreme Court review, and the Court agreed to take up the matter.