New Jersey § 34:1b-305

§ 34:1b-305.

As used in sections 35 through 42 of P.L.2020, c. 156 ( C.34:1B-303 through C.34:1B-310 ) and sections 3 and 4 of P.L.2022, c. 47 ( C.34:1B-308.1 and C.34:1B-308.2 ) : “ Authority ” means the New Jersey Economic Development Authority established pursuant to section

4 of P.L.1974, c. 80 ( C.34:1B-4 ). “ Department ” means the Department of Agriculture. “ Director ” means the Director of the Division of Taxation in the Department of the Treasury. “ Eligible equipment costs ” means expenditures for the procurement of such equipment as is needed to allow a

supermarket, grocery store, mid-sized food retailer, small food retailer, or other

eligible entity to store, refrigerate, transport, or otherwise maintain nutritious

foods, including fresh fruits and vegetables, for retail purposes, but within a standard

range based upon industry standards, as determined by the authority. “ Eligible technology costs ” means expenditures for the procurement or upgrade of technology systems to support

online ordering and e-commerce, including, but not limited to, computer hardware,

software, internet connectivity, and database systems. “ First or second new supermarket or grocery store ” means the first and second new supermarket or grocery store within each food desert

community to be approved for tax credits under the program by the authority, except

that a supermarket or grocery store may lose the designation of first or second new

supermarket or grocery store if the project does not meet milestones designated by

the authority in a timely manner, as determined by the authority. “ Food desert community ” means a physically contiguous area in the State in which residents have limited

access to nutritious foods, such as fresh fruits and vegetables, and which has been

designated as a food desert community pursuant to subsection b. of section 38 of P.L.2020, c. 156 ( C.34:1B-306 ). “ Initial operating costs ” means expenditures for the operation of a supermarket or grocery store within the

first three years after opening to the public, but within a standard range based upon

industry standards, as determined by the authority. “ Mid-sized food retailer ” means a medium-sized retail outlet with at least 2,500 but less than 16,000 square

feet, of which at least 75 percent is occupied by food and related products , which products shall be based on industry standards, as determined by the authority,

except that the food and related products shall not include alcoholic beverages and

products related to the consumption of such beverages . “ New supermarket or grocery store ” means a supermarket or grocery store that commenced construction, or commenced rehabilitation

of at least 75 percent of its square footage, after the effective date of the “Food

Desert Relief Act,” as established by sections 35 through 42 of P.L.2020, c. 156 ( C.34:1B-303 through C.34:1B-310 ). “ Program ” means the Food Desert Relief Program established in section 38 of P.L.2020, c. 156 ( C.34:1B-306 ). “ Project cost ” means the costs incurred in connection with the establishment of a supermarket or

grocery store within a food desert community by the developer until the opening of

the supermarket or grocery store to the public, including the costs relating to lands,

buildings, improvements, real or personal property, or any interest therein, including

leases discounted to present value, including lands under water, riparian rights,

space rights and air rights acquired, owned, developed or redeveloped, constructed,

reconstructed, rehabilitated or improved, any environmental remediation costs, plus

costs not directly related to construction, including capitalized interest paid to

third parties, of an amount not to exceed 20 percent of the total costs, and the cost

of infrastructure improvements, including ancillary infrastructure projects. “ Project financing gap ” means the part of the total project cost, including 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 project cost, which may include the value of any existing land

and improvements in the project area owned or controlled by the developer, and the

cost of infrastructure improvements in the public right-of-way, 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 on a non-recourse basis. “ Small food retailer ” means a small retail outlet, with less than 2,500 square feet, that sells a limited

selection of foods and other products, such as a bodega, convenience store, corner

store, neighborhood store, small grocery, mobile food vendor, farmers' market, food

co-op, or small-scale store. “ Supermarket or grocery store ” means a retail outlet with at least 16,000 square feet, of which at least 80 percent is occupied by food and related products , which products shall be based on industry standards, as determined by the authority,

except that the food and related products shall not include alcoholic beverages and

products related to the consumption of such beverages . “ Tax credit ” means credit against a tax liability pursuant to section 1 of P.L.1950, c. 231 ( C.17:32-15 ), N.J.S.17B:23-5 , section 5 of P.L.1945, c. 162 ( C.54:10A-5 ), and sections 2 and 3 of P.L.1945, c. 132 ( C.54:18A-2 and C.54:18A-3 ).