New Jersey § 52:27d-471

§ 52:27d-471.

A final revenue allocation plan shall be submitted to the governing body of the municipality

for approval by ordinance. When an ordinance embodying a final revenue allocation plan has been introduced

in writing at a meeting of the governing body and approved on first reading, which

may be by title, by a majority of the authorized membership thereof, it shall be submitted,

together with all included and incorporated certificates and documents and such additional

supporting documentation as the board may by rule prescribe, to the board. The board shall approve the plan if it determines that: a. the planned developments are likely to be realized and would not be accomplished

by private enterprise without the creation of the district and the financing of the

proposed project or projects; b. the pledged revenues will be sufficient to pay debt service on bonds and discharge

any obligations undertaken by the district agent 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. any insufficiency or shortfall in the amount of the revenues 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; e. 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 f. 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.