New Jersey § 52:27bbb-3

§ 52:27bbb-3.

As used in this act: “ Authority ” means the New Jersey Economic Development Authority established pursuant to P.L.1974,

c. 80 ( C.34:1B-1 et seq. ). “ Board ” means the State Economic Recovery Board established pursuant to section 36 of P.L.2002, c. 43 ( C.52:27BBB-36 ). “ Chief operating officer ” means that person appointed pursuant to P.L.2002, c. 43 ( C.52:27BBB-1 et al.) responsible for reorganizing governmental operations of a qualified municipality

in order to assure the delivery of essential municipal services and the professional

administration of that municipal government. “ Commissioner ” means the Commissioner of Community Affairs. “ Contiguous with ” means within. “ Director ” means the Director of the Division of Local Government Services in the Department

of Community Affairs. “ Economic recovery term ” means the period commencing with the expiration of the term of the chief operating

officer and terminating 15 years thereafter. “ In consultation with ” means with consideration of the input of, or the advice of, the mayor, governing

body, chief operating officer or director, as the case may be, without regard to the

form or manner of the consultation. “ Local Finance Board ” means the Local Finance Board of the Division of Local Government Services in the

Department of Community Affairs. “ Mayor ” means the mayor or chief executive officer of the municipality, as appropriate to

the form of government. “ Project ” means: (1)(a) acquisition, construction, reconstruction, repair, alteration, improvement

and extension of any building, structure, facility, including water transmission facilities

or other improvement, whether or not in existence or under construction, (b) purchase

and installation of equipment and machinery, (c) acquisition and improvement of real

estate and the extension or provision of utilities, access roads and other appurtenant

facilities; and (2)(a) the acquisition, financing, or refinancing of inventory, raw

materials, supplies, work in process, or stock in trade, or (b) the financing, refinancing

or consolidation of secured or unsecured debt, borrowings, or obligations, or (c)

the provision of financing for any other expense incurred in the ordinary course of

business; all of which are to be used or occupied by any person in any enterprise

promoting employment, either for the manufacturing, processing or assembly of materials

or products, or for research or office purposes, including, but not limited to, medical

and other professional facilities, or for industrial, recreational, hotel or motel

facilities, public utility and warehousing, or for commercial and service purposes,

including, but not limited to, retail outlets, retail shopping centers, restaurant

and retail food outlets, and any and all other employment promoting enterprises, including,

but not limited to, motion picture and television studios and facilities and commercial

fishing facilities, commercial facilities for recreational fishermen, fishing vessels,

aquaculture facilities and marketing facilities for fish and fish products and (d)

acquisition of an equity interest in, including capital stock of, any corporation;

or any combination of the above, which the authority determines will: (i) tend to

maintain or provide gainful employment opportunities within and for the people of

the State, or (ii) aid, assist and encourage the economic development or redevelopment

of any political subdivision of the State, or (iii) maintain or increase the tax base

of the State or of any political subdivision of the State, or (iv) maintain or diversify

and expand employment promoting enterprises within the State; and (3) the cost of

acquisition, construction, reconstruction, repair, alteration, improvement and extension

of an energy saving improvement or pollution control project which the authority determines

will tend to reduce the consumption in a building devoted to industrial or commercial

purposes, or in an office building, of nonrenewable sources of energy or to reduce,

abate or prevent environmental pollution within the State; and (4) the acquisition,

construction, reconstruction, repair, alteration, improvement, extension, development,

financing or refinancing of infrastructure and transportation facilities or improvements

related to economic development and of cultural, recreational and tourism facilities

or improvements related to economic development and of capital facilities for primary

and secondary schools and of mixed use projects consisting of housing and commercial

development; and (5) the establishment, acquisition, construction, rehabilitation,

improvement, and ownership of port facilities as defined in section 3 of P.L.1997, c. 150 ( C.34:1B-146 ). Project may also include: reimbursement to any person for costs in connection with

any project, or the refinancing of any project or portion thereof, if such actions

are determined by the authority to be necessary and in the public interest to maintain

employment and the tax base of any political subdivision and likely to facilitate

improvements or the completion of the project; and developing property and any construction,

reconstruction, improvement, alteration, equipment or maintenance or repair, or planning

and designing in connection therewith. For the purpose of carrying out mixed use projects consisting of both housing and

commercial development, the authority may enter into agreements with the New Jersey

Housing and Mortgage Finance Agency for loan guarantees for any such project in accordance

with the provisions of P.L.1995, c. 359 ( C.55:14K-64 et al.), and for that purpose shall allocate to the New Jersey Housing and Mortgage

Finance Agency, under such agreements, funding available pursuant to subsection a.

of section 4 of P.L.1992, c. 16 ( C.34:1B-7.13 ). “ Project ” shall not include a school facilities project. “ Qualified municipality ” means a municipality: (1) that has been subject to the supervision of a financial

review board pursuant to the “Special Municipal Aid Act,” P.L.1987, c. 75 ( C.52:27D-118.24 et seq. ) for at least one year; (2) that has been subject to the supervision of the Local

Finance Board pursuant to the “Local Government Supervision Act (1947),” P.L.1947,

c. 151 ( C.52:27BB-1 et seq. ) for at least one year; and (3) which, according to its most recently adopted municipal

budget, is dependent upon State aid and other State revenues for not less than 55

percent of its total budget. “ Regional Impact Council ” or “ council ” means that body established pursuant to section 39 of P.L.2002, c. 43 ( C.52:27BBB-39 ). “ Rehabilitation term ” means that period during which the qualified municipality is under the direction

of the chief operating officer appointed pursuant to section 7 of P.L.2002, c. 43 ( C.52:27BBB-7 ). “ Special arbitrator ” means that judge designated by the Chief Justice pursuant to section 5 of P.L.2002, c. 43 ( C.52:27BBB-5 ). “ State supervision ” means supervision pursuant to Article 4 of the “Local Government Supervision Act

(1947),” P.L.1947, c. 151 ( C.52:27BB-54 et seq. ). “ Treasurer ” or “ State treasurer ” means the Treasurer of the State of New Jersey. “ Under rehabilitation and economic recovery ” means that period which coincides with the rehabilitation term and the economic

recovery term.