New Jersey § 34:1b-271

§ 34:1b-271.

As used in sections 2 through 8 of P.L.2020, c. 156 ( C.34:1B-270 through C.34:1B-276 ): “ Authority ” means the New Jersey Economic Development Authority established pursuant to section

4 of P.L.1974, c. 80 ( C.34:1B-4 ). “ Board ” means the Board of the New Jersey Economic Development Authority, established pursuant

to section 4 of P.L.1974, c. 80 ( C.34:1B-4 ). “ Building services ” means any cleaning or routine building maintenance work, including, but not limited

to, sweeping, vacuuming, floor cleaning, cleaning of rest rooms, collecting refuse

or trash, window cleaning, securing, patrolling, or other work in connection with

the care or securing of an existing building, including services typically provided

by a door-attendant or concierge. “Building services” shall not include any skilled maintenance work, professional

services, or other public work for which a contractor is required to pay the “prevailing

wage” as defined in section 2 of P.L.1963, c. 150 ( C.34:11-56.26 ). “ Cost of rehabilitation ” means the consideration given, valued in money, whether given in money or otherwise,

for the materials and services which constitute the rehabilitation. “ Director ” means the Director of the Division of Taxation in the Department of the Treasury. “ Government-restricted municipality ” means a municipality in this State with a municipal revitalization index distress

score of at least 75, that met the criteria for designation as an urban aid municipality

in the 2019 State fiscal year, and that, on the effective date of P.L.2020, c. 156 ( C.34:1B-269 et al.), is subject to financial restrictions imposed pursuant to the “Municipal

Stabilization and Recovery Act,” P.L.2016, c. 4 ( C.52:27BBBB-1 et seq. ), or is restricted in its ability to levy property taxes on property in that municipality

as a result of the State of New Jersey owning or controlling property representing

at least 25 percent of the total land area of the municipality or as a result of the

federal government of the United States owning or controlling at least 50 acres of

the total land area of the municipality, which is dedicated as a national natural

landmark. “ Income producing property ” means a structure or site that is used in a trade or business or to produce rental

income. “ New Jersey S corporation ” means the same as the term is defined in section 12 of P.L.1993, c. 173 ( C.54A:5-10 ). “ Officer ” means the State Historic Preservation Officer or the official within the State designated

by the Governor or by statute in accordance with the provisions of chapter 3023 of

Title 54, United States Code ( 54 U.S.C. s.302301 et seq. ), to act as liaison for the purpose of administering historic preservation programs

in the State. “ Partnership ” means an entity classified as a partnership for federal income tax purposes. “ Project financing gap ” means the part of the total cost of rehabilitation, including reasonable and appropriate

return on investment, that remains to be financed after all other sources of capital

have been accounted for, including, but not limited to, developer contributed capital,

which shall not be less than 20 percent of the total cost of rehabilitation, and investor

or financial entity capital or loans for which the developer, after making all good

faith efforts to raise additional capital, certifies that additional capital cannot

be raised from other sources ; provided, however, that for a redevelopment project located in a government-restricted

municipality, the developer contributed capital shall not be less than 10 percent

of the cost of rehabilitation. Developer contributed capital may consist of cash, deferred development fees, costs

for project feasibility incurred within the 12 months prior to application, property

value less any mortgages when the developer owns the project site, and any other investment

by the developer in the project deemed acceptable by the authority, as provided by

regulations promulgated by the authority. Property value shall be valued at the lesser of either: a. the purchase price,

provided the property was purchased pursuant to an arm's length transaction within

12 months of application; or b. the value as determined by a current appraisal . “ Property ” means a structure, including its site improvements and landscape features, assessed

as real property, and used for: a commercial purpose; a residential rental purpose,

provided the structure contains at least four dwelling units; or any combination

thereof. “ Qualified incentive tract ” means: a. a population census tract having a poverty rate of 20 percent or more;

or b. a census tract in which the median family income for the census tract does not

exceed 80 percent of the greater of the Statewide median family income or the median

family income of the metropolitan statistical area in which the census tract is situated. “ Qualified property ” means a property located in the State of New Jersey that is an income producing

property, and that is: a. (1) individually listed, or located in a district listed on the National Register of

Historic Places in accordance with the provisions of chapter 3021 of Title 54, United

States Code ( 54 U.S.C. s.302101 et seq. ), or on the New Jersey Register of Historic Places pursuant to P.L.1970, c. 268 ( C.13:1B-15.128 et seq. ), or individually designated, or located in a district designated, by the Pinelands

Commission as a historic resource of significance to the Pinelands in accordance with

the Pinelands comprehensive management plan adopted pursuant to the “Pinelands Protection

Act,” P.L.1979, c. 111 ( C.13:18A-1 et seq. ), and (2) if located within a district, certified by either the officer or the Pinelands Commission,

as appropriate, as contributing to the historic significance of the district; or b. (1) individually identified or registered, or located in a district composed of properties

identified or registered, for protection as significant historic resources in accordance

with criteria established by a municipality in which the property or district is located

if the criteria for identification or registration has been approved by the officer

as suitable for substantially achieving the purpose of preserving and rehabilitating

buildings of historic significance within the jurisdiction of the municipality, and (2) if located within a district, certified by the officer as contributing to the historic

significance of the district. “ Rehabilitation ” means the repair or reconstruction of the exterior or interior of a qualified property

or transformative project to make an efficient contemporary use possible while preserving

the portions or features of the property that have significant historical, architectural,

and cultural values. “ Rehabilitation of the interior of the qualified property or transformative project ” means the repair or reconstruction of the structural or substrate components and

electrical, plumbing, and heating components within the interior of a qualified property

or transformative project. “ Selected rehabilitation period ” means a period of 24 months if the beginning of such period is chosen by the business

entity during which, or parts of which, a rehabilitation is occurring, or a period

of 60 months if a rehabilitation is reasonably expected to be completed in distinct

phases set forth in written architectural plans and specifications completed before

or during the physical work on the rehabilitation. “ Transformative project ” means a property that is: a. an income producing property, not including a residential property, whose rehabilitation

the authority determines will generate substantial increases in State revenues through

the creation of increased business activity within the surrounding area; b. individually listed on the New Jersey Register of Historic Places pursuant to P.L.1970,

c. 268 ( C.13:1B-15.128 et seq. ) and which, before the enactment of P.L.2020, c. 156 ( C.34:1B-269 et al.), received a Determination of Eligibility from the Keeper of the National

Register of Historic Places in accordance with the provisions of Part 60 of Title 36 of the Code of Federal Regulations ; and c. (1) located within a one-half mile radius of the center point of a transit village, as

designated by the New Jersey Department of Transportation , and located within a city of the first class, as classified under N.J.S.40A:6-4 ; or (2) located within a government-restricted municipality .