2009 New Jersey Code
TITLE 40 - MUNICIPALITIES AND COUNTIES
Section 40:60
40:60-49.1 - Lease of cultural centers;  exemption of leasehold interest from taxation

40:60-49.1.  Lease of cultural centers;  exemption of leasehold interest from taxation
    The governing body of any city of the first class may lease any cultural center to a nonprofit corporation organized pursuant to Title 15 of the Revised  Statutes, Corporations and Associations not for Profit, to conduct such center.   Any such lease (a) shall be for a term not exceeding 50 years; (b) shall  provide for a term rental, payable in such installments as may be agreed upon,  at least equal to the acquisition cost of the leased premises if acquired by  the governing body within the 5-year period next preceding the making of such  lease, or at least equal to the appraised value of the leased premises if  acquired more than 5 years prior to the making of the lease;  (c) shall limit  the primary use of the leased premises to purposes of a cultural center, with  provision for the subletting or licensing of space not adapted to or required  for such primary use;  (d) shall provide that the leased premises shall be  available generally to the public, upon reasonable terms and conditions, and  that the lessee shall not discriminate in the use of the property on the  grounds of race, color, creed, religion or ancestry;  and (e) shall make such  other provisions respecting the leased premises and the conditions of letting  as the governing body may prescribe, including the grant of a purchase option or options.

    Notwithstanding the provision of any law governing the taxation of leasehold  interests in exempt real property, the leasehold estate of any lessee or  sublessee or other lawful tenant or occupant of the premises constituting all  or part of a cultural center so leased shall be exempt from taxation by any  municipality or county or by the State and its political divisions.

     L.1962, c. 86, s. 2.