New Jersey § 34:1b-315

§ 34:1b-315.

a. An anchor institution and, if applicable, each partner anchor institution shall

be eligible to receive a tax credit under the program only if the anchor institution

and, if applicable, each partner anchor institution submits a program application

to the authority that results in completion of a community-anchored project through

a capital investment in a New Jersey State opportunity zone or, if the community-anchored

project is primarily designed to result in the economic expansion of a targeted industry

in this State, in an area of the State designated pursuant to the “State Planning

Act,” P.L.1985, c. 398 ( C.52:18A-196 et seq. ), as Planning Area 1 (Metropolitan) or in a municipality with a Municipal Revitalization

Index distress score of at least 50. b. At the time of application, an anchor institution and, if applicable, each partner

anchor institution seeking tax credits pursuant to the program shall demonstrate to

the authority: (1) that the proposed community-anchored project will result in a capital investment

in a New Jersey State opportunity zone or, if the project is primarily designed to

result in the economic expansion of a targeted industry in this State, in an area

of the State designated pursuant to the “State Planning Act,” P.L.1985, c. 398 ( C.52:18A-196 et seq. ), as Planning Area 1 (Metropolitan) or in a municipality with a Municipal Revitalization

Index distress score of at least 50; (2) the structure and terms of the financial, corporate, and real estate instruments

to be utilized to successfully complete and then operate the community-anchored project,

including, but not limited to, the proposed economic and business relationship between

the anchor institution and, if applicable, each partner anchor institution and any

partner business; (3) that the anchor institution and, if applicable, each partner anchor institution,

along with any partner business and each partner institution participating in a community-anchored

project, has not commenced any construction at the site of the community-anchored

project prior to submitting an application, unless the authority determines that the

community-anchored project would not be completed otherwise or, in the event the community-anchored

project is to be undertaken in phases, the requested tax credit covers only phases

for which construction has not yet commenced; (4) the value of the tax credit that is necessary in each year of the eligibility

period, in order for the anchor institution and, if applicable, each partner anchor

institution to finance the establishment of the community-anchored project; (5) the total aggregate value of the tax credit for the entire eligibility period

that is necessary in order for the anchor institution and, if applicable, each partner

anchor institution to finance the establishment of the community-anchored project; (6) that the award of tax credits under the program will be converted into an investment

by the authority into the community-anchored project, and demonstrate to the authority

the anticipated current and deferred returns, as applicable, on that investment; (7) that the community-anchored project shall comply with the standards established

by the authority through regulation based on the green building manual prepared by

the Commissioner of Community Affairs pursuant to section 1 of P.L.2007, c. 132 ( C.52:27D-130.6 ), regarding the use of renewable energy, energy-efficient technology, and non-renewable

resources in order to reduce environmental degradation and encourage long-term cost

reduction; (8) that the community-anchored project shall comply with the authority's affirmative

action requirements, adopted pursuant to section 4 of P.L.1979, c. 303 ( C.34:1B-5.4 ); (9) a description of the significant economic, social, planning, employment, environmental,

fiscal, and other benefits that would accrue to the State, county, or municipality

from the community-anchored project; (10) that during the eligibility period, each worker employed to perform construction

work and building services work at the community-anchored project shall be paid not

less than the prevailing wage rate for the worker's craft or trade, as determined

by the Commissioner of Labor and Workforce Development pursuant to P.L.1963, c. 150

( C.34:11-56.25 et seq. ) and P.L.2005, c. 379 ( C.34:11-56.58 et seq. ). In the event the community-anchored project constitutes a lease of more than 55

percent of a single facility, these requirements shall apply to construction work

and building services work at the entire facility. In the event the community-anchored project constitutes a lease of more than 35

percent of a single facility, these requirements shall apply to construction work

at the entire facility; (11) that during the eligibility period, the anchor institution and, if applicable,

each partner anchor institution shall partner with one or more local community organizations

that provide support and services to Work First New Jersey program recipients, in

order to provide work activity opportunities and other appropriate services to Work

First New Jersey program recipients, which activities and services may include, but

shall not be limited to: work-study programs, internships, sector-based contextualized

literacy training, skills-based training in growth industries in the State, and job

retention and advancement services; (12) the extent to which the community-anchored development will result in the expansion

of a targeted industry in this State; (13) that the timing of the award and investment of tax credits under the program

shall allow for the successful completion and operation of the community-anchored

project; and (14) that the community-anchored project is viable and that the anchor institution

and, if applicable, each partner anchor institution is a credible partner for completing

the community-anchored project and providing the agreed-upon potential returns to

the authority, as detailed in the tax credit agreement entered into pursuant to section

50 of P.L.2020, c. 156 ( C.34:1B-318 ). c. Prior to the board considering an application submitted by an anchor institution

and, if applicable, each partner anchor institution, the authority shall confirm with the Department of Labor and Workforce Development, the Department of Environmental Protection,

and the Department of the Treasury whether the anchor institution and, if applicable, each partner anchor institution

and any partner business is in substantial good standing with the respective department,

or has entered into an agreement with the respective department that includes a practical

corrective action plan. The anchor institution shall certify that any contractors or subcontractors that will

perform work at the community-anchored project: (1) are registered as required by

“The Public Works Contractor Registration Act,” P.L.1999, c. 238 ( C.34:11-56.48 et seq. ); (2) have not been debarred by the Department of Labor and Workforce Development

from engaging in or bidding on Public Works Contracts in the State; and (3) possess

a tax clearance certificate issued by the Division of Taxation in the Department of

the Treasury. The authority may also contract with an independent third party to perform a background

check on an anchor institution and, if applicable, each partner anchor institution

and any partner business. d. In order to facilitate the creation of new partnerships with anchor institutions

and, if applicable, partner anchor institutions, the authority shall publish on the

authority's website a list of names and contact information for each anchor institution

that has submitted an application pursuant to this section.