The City of Newark's Environmental Opportunity Zone ("EOZ") legislation took effect on September 1, 1999. Under the city ordinance, the entire City of Newark will be included in the EOZ. This legislation is designed to encourage developers to invest in brownfields sites by allowing them to apply for a generous tax abatement. The Newark EOZ takes advantage of New Jersey's Environmental Opportunity Zone Act which established a phased-out property tax break that extends over a ten-year period for developers and property owners who remediate and redevelop brownfields.
