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, any developer may enter into a redevelopment agreement

with the State pursuant to the provisions of this section. The State may not enter into a redevelopment agreement with a developer who is liable,

pursuant to paragraph (1) of subsection c. of section 8 of P.L.1976, c. 141 ( C.58:10-23.11g ), for the contamination at the site proposed to be in the redevelopment agreement. The decision whether or not to enter into a redevelopment agreement is solely within

the discretion of the Chief Executive Officer and Secretary of the Commerce and Economic Growth Commission and the State Treasurer and both must agree to enter into the redevelopment agreement. Nothing in P.L.1997, c. 278 ( C.58:10B-1.1 et al.) may be construed to compel the Secretary and the State Treasurer to enter into any redevelopment agreement. The Chief Executive Officer and Secretary of the Commerce and Economic Growth Commission, in consultation with the State Treasurer shall negotiate the terms and conditions

of any redevelopment agreement on behalf of the State. The redevelopment agreement shall specify the amount of the reimbursement to be

awarded the developer, the frequency of payments and the length of time in which that

reimbursement shall be granted. In no event shall the amount of the reimbursement, when taken together with the

property tax exemption received pursuant to the “Environmental Opportunity Zone Act,” P.L.1995, c. 413 ( C.54:4-3.151 ), less any in lieu of tax payments made pursuant to that act, or any other State,

local, or federal tax incentive or grant to remediate a site, exceed 75% of the total

cost of the remediation. The Secretary and the State Treasurer may only enter into a redevelopment agreement if they make

a finding that the State tax revenues to be realized from the redevelopment project

will be in excess of the amount necessary to reimburse the developer. This finding may be made by an estimation based upon the professional judgment of

the Secretary and the State Treasurer. The percentage of each payment to be made to the developer pursuant to the redevelopment

agreement shall be conditioned on the occupancy rate of the residential dwelling units,

buildings, or other work areas located on the property. The redevelopment agreement shall provide for the payments made in order to reimburse

the developer to be in the same percentages as the occupancy rate at the site except

that upon the attainment of a 90% occupancy rate, the developer shall be entitled

to the entire amount of each payment toward the reimbursement as set forth in the

redevelopment agreement. If the redevelopment of the property is performed in phases, then the redevelopment

agreement shall provide for the payments to reimburse the developer to commence prior

to the completion of the redevelopment at the entire site. The redevelopment agreement shall provide that payments to reimburse the developer

be in the same percentages as the occupancy rate of that portion of the site for which

the developer has received a no further action letter, and on which new residential

construction is completed or a place of business is located, that has generated new

tax revenues. The redevelopment agreement shall provide for the frequency of the director's finding

of the occupancy rate during the payment schedule. If a redevelopment project is completed in phases, where a portion of the property

subject to the redevelopment agreement is generating new tax revenues, then the redevelopment

agreement shall provide for the frequency of the director's finding of the occupancy

rate for each phase of the redevelopment. b. In deciding whether or not to enter into a redevelopment agreement and in negotiating

a redevelopment agreement with a developer, the Secretary shall consider the following factors: (1) the economic feasibility of the redevelopment project; (2) the extent of economic and related social distress in the municipality and the

area to be affected by the redevelopment project; (3) the degree to which the redevelopment project will advance State, regional and

local development and planning strategies; (4) the likelihood that the redevelopment project shall, upon completion, be capable

of generating new tax revenue in an amount in excess of the amount necessary to reimburse

the developer for the remediation costs incurred as provided in the redevelopment

agreement; (5) the relationship of the redevelopment project to a comprehensive local development

strategy, including other major projects undertaken within the municipality; (6) the need of the redevelopment agreement to the viability of the redevelopment

project; and (7) the degree to which the redevelopment project enhances and promotes job creation

and economic development.