New Jersey § 58:10b-27

§ 58:10b-27.

a. The provisions of any other law, or rule or regulation adopted pursuant thereto,

to the contrary notwithstanding, the State may enter into a redevelopment agreement

pursuant to sections 35 and 36 of P.L.1997, c. 278 ( C.58:10B-27 and 58:10B-28 ) for a redevelopment project that was commenced prior to the effective date of sections

34 through 39 of P.L.1997, c. 278 ( C.58:10B-26 through 58:10B-31 ) 1 in which the State may agree to reimburse a developer for 75 percent of remediation costs incurred subsequent to entering into the redevelopment agreement,

provided that the Executive Director of the New Jersey Economic Development Authority , in consultation with the State Treasurer, finds that: (1) the remediation that has not yet been performed on the subject real property is

necessary to ensure that the public health and safety and the environment are protected;

and (2)(a) the cost or extent of remediation was unanticipated at the time the redevelopment

project was commenced; (b) changes to the rules and regulations governing site remediation

were adopted after the redevelopment project was commenced; (c) principles of fairness

and consistency indicate that the reimbursement of remediation costs provided by P.L.1997, c. 278 should be made available to the developer who agreed to remediate and redevelop a

brownfield prior to the enactment of P.L.1997, c. 278 ; (d) an estimate of the cost of the remediation to be performed subsequent to entry

into the redevelopment agreement as approved by the Department of Environmental Protection

exceeds $10 million; (e) the subject real property is situated within a Planning

Area 1 as designated in the State Development and Redevelopment Plan; and (f) a phase

of the redevelopment project has not been commenced. b. A developer that enters into a redevelopment agreement pursuant to this section

shall be eligible for reimbursement of remediation costs pursuant to sections 36 and

37 of P.L.1997, c. 278 ( C.58:10B-28 and 58:10B-29 ), provided that: (1) in estimating the amount of State taxes that are anticipated to be derived from

a redevelopment project the director shall only consider tax revenues generated subsequent

to the date of the redevelopment agreement from a phase of the redevelopment project

that has not generated tax revenues prior to January 1, 2006; and (2) a developer has entered into an oversight document with the Commissioner of Environmental Protection for the remediation

of a contaminated site located on the site of the redevelopment project and the developer

is in compliance with the oversight document. c. Nothing in this section shall require that a no further action letter be obtained

by a developer for remediation of groundwater beneath the subject real property prior

to reimbursement of the remediation costs, provided that the developer has completed

any capital construction or infrastructure required for the remediation of groundwater

on the site. 1

L.1997, c. 278, §§ 34 through 39, eff. Jan. 6, 1998.