New Jersey § 52:27d-489h

§ 52:27d-489h.

a. (1) The authority, in consultation with the State Treasurer, shall promulgate an

incentive grant application form and procedure for the Economic Redevelopment and

Growth Grant program. (2)(a) The Local Finance Board, in consultation with the authority, shall develop

a minimum standard incentive grant application form for municipal Economic Redevelopment

and Growth Grant programs. (b) Through regulation, the authority shall establish standards for redevelopment

projects seeking State or local incentive grants 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. b. Within each incentive grant application, a developer shall certify information

concerning: (1) the status of control of the entire redevelopment project site; (2) all required State and federal government permits that have been issued for the

redevelopment project, or will be issued pending resolution of financing issues; (3) local planning and zoning board approvals, as required, for the redevelopment

project; (4) estimates of the revenue increment base, the eligible revenues for the project,

and the assumptions upon which those estimates are made. c. (1) With regard to State tax revenues proposed to be pledged for an incentive grant

the authority and the State Treasurer shall review the project costs, evaluate and

validate the project financing gap estimated by the developer, and conduct a State

fiscal impact analysis to ensure that the overall public assistance provided to the

project, except with regards to a qualified residential project, a mixed use parking

project, or a project involving university infrastructure, will result in net benefits

to the State including, without limitation, both direct and indirect economic benefits

and non-financial community revitalization objectives, including but not limited to,

the promotion of the use of public transportation in the case of the ancillary infrastructure

project portion of any transit project. (2) With regard to local incremental revenues proposed to be pledged for an incentive

grant the authority and the Local Finance Board shall review the project costs, and

except with respect to an application by a municipal redeveloper, evaluate and validate

the project financing gap projected by the developer, and conduct a local fiscal impact

analysis to ensure that the overall public assistance provided to the project, except

with regards to a qualified residential project, a mixed use parking project, or a

project involving university infrastructure, will result in net benefits to the municipality

wherein the redevelopment project is located including, without limitation, both direct

and indirect economic benefits and non-financial community revitalization objectives,

including but not limited to, the promotion of the use of public transportation in

the case of the ancillary infrastructure project portion of any transit project. (3) The authority, State Treasurer, and Local Finance Board may act cooperatively

to administer and review applications, and shall consult with the Office of State

Planning on matters concerning State, regional, and local development and planning

strategies. (4) The costs of the aforementioned reviews shall be assessed to the applicant as

an application fee, except for applications submitted on or after January 1, 2018,

but before June 30, 2019 , which are amended after the effective date of P.L.2020, c. 156 ( C.34:1B-269 et al.), 1 the authority may waive fees. (5) A developer who has already applied for an incentive grant award prior to the

effective date of the “New Jersey Economic Opportunity Act of 2013,” P.L.2013, c. 161 ( C.52:27D-489p et al.), but who has not yet been approved for the grant, or has not executed an

agreement with the authority, may proceed under that application or seek to amend

the application or reapply for an incentive grant award for the same project or any

part thereof for the purpose of availing himself or herself of any more favorable

provisions of the Economic Redevelopment and Growth Grant program established pursuant

to the “New Jersey Economic Opportunity Act of 2013,” P.L.2013, c. 161 ( C.52:27D-489p et al.), except that projects with costs exceeding $200,000,000 shall not be eligible

for revised percentage caps under subsection d. of section 19 of P.L.2013, c. 161 ( C.52:27D-489i ). 1

L.2020, c. 156, eff. Jan. 7, 2021.