5. The governing body of a municipality which has adopted an ordinance pursuant to section 4 of P.L.1995, c.413 (C. 54:4-3.153), shall, by ordinance, provide for exemptions of real property taxes for environmental opportunity zones. The governing body shall include the following items in its enabling ordinance:

a. A property tax exemption term of ten years except that a tax exemption may be extended up to fifteen years, at the municipality’s option, if the qualified real property is to be remediated with a limited restricted use remedial action or an unrestricted use remedial action. The property tax exemption shall end if the difference between the real property taxes otherwise due and payments made in lieu of those taxes equals the total remediation cost for the qualified real property;

b. The application procedure for an exemption authorized under P.L.1995, c.413 (C. 54:4-3.150 et seq.);

c. The method of computing payments in lieu of real property taxes pursuant to subsection b. of section 7 of P.L.1995, c.413 (C. 54:4-3.156);

d. An approval method for exemption applications by the assessor or by ordinance on a per application basis; and

e. A requirement that the environmental opportunity zone will be remediated in compliance with the remediation regulations adopted by the Department of Environmental Protection pursuant to P.L.1993, c.139 (C. 58:10B-1 et al.), that the owner of the property will enter into a memorandum of agreement or administrative consent order with the department to perform the remediation and will complete the remediation pursuant to the agreement or order, and that, once remediated, the environmental opportunity zone will be used for a commercial, industrial, residential, or other productive purpose during the time period for which the real property tax exemption is given.

L.1995,c.413,s.5; amended 1997, c.278, s.23.