New Jersey § 52:27d-464

§ 52:27d-464.

When an ordinance establishing or amending a district has passed first reading, it

shall be submitted as an application, together with all included and incorporated

certificates and documents and such additional documentation as the board may by rule

prescribe, to the board. The board shall approve the ordinance if it determines that: a. the planned developments are likely to be realized and would not likely be accomplished

by private enterprise without the creation of the district and the revenue allocation

financing of the proposed project or projects; b. the revenue increments and any other pledged revenues will be sufficient to pay

debt service on bonds issued to effectuate the plan; c. the credit of the municipality and its ability to pay the principal of and interest

on its debts and to provide essential public services will not be impaired; d. the creation of the district will contribute to the economic development of the

municipality; e. the size of the proposed district and the amount of the pledged revenues do not

exceed the size and amount necessary to accomplish the purposes of the plan; f. any insufficiency or shortfall in the amount of the revenue or guarantees pledged

to pay debt service or bonds issued to effectuate the plan would not pose inappropriate

risk or undue financial hardship to the taxpayers of the community; g. there are no other factors which, in the determination of the board, will impair

the credit of the municipality or reduce its ability to pay punctually the principal

of and interest on its debts and supply other essential public improvements and services;

and h. the planned development does one or more of the following: promote approaches

and concepts to reduce congestion; enhance mobility; assist in the redevelopment

of our municipalities; and otherwise improve the quality of life of our citizens.