N.J. Admin. Code § 19:31AA-1.4

Current through Register Vol. 56, No. 12, June 17, 2024

Section 19:31AA-1.4 - Application submission requirements

(a) Each application to the Authority made by an applicant shall include the following information in an application format prescribed by the Authority:

1. The name of the business;

2. The contact information of the person identified as the primary contact for the business;

3. The prospective future address of the business (if different);

4. The type of the business;

5. The principal products and services and three-digit North American Industry Classification System number;

6. The New Jersey tax identification number;

7. The Federal tax identification number;

8. A description of the project, including a breakdown of uses and related square footage and costs, the breakdown of retail space (for example, a planogram), and the applicant's experience with similar project(s);

9. For the financing gap tax credit:

i. The total projected number of construction employees and permanent full-time and part-time employees at the project;

ii. A copy of a market and/or feasibility study for the proposed use of the project site by an independent third party, which must include the third party's position regarding the marketability and underwriting of the revenue and expense components of the proposed project for the duration of the eligibility period and commitment period;

iii. An anticipated construction schedule;

iv. Financial information of the project including, but not limited to, estimated project costs and total development costs, any State or local financial assistance for the project, proposed terms of financing, projected reasonable and appropriate return on investment on the applicant-contributed capital, net margin, cash-on-cash yield, and a certification from the chief executive officer or equivalent officer of the applicant, that additional capital cannot be raised from other sources on a non-recourse basis after making all good faith efforts to raise additional capital, and any other documentation demonstrating economic and commercial viability pursuant to N.J.A.C. 19:31AA-1.3(a)2;

v. The status of control of the entire project area, shown for each block and lot of the site as indicated on the local tax map;

vi. A list and status of all required local, State, and Federal government permits and local planning and zoning board approvals that have been issued for the project, or will be required to be issued to construct the project and to open the supermarket or grocery store to the public, pending resolution of financing issues; and

vii. A binding agreement between the applicant and the operator of the new supermarket or grocery store regarding the operation of the new supermarket or grocery store;

10. For the initial operating cost tax credit:

i. The total projected number of permanent part-time and full-time employees at the project;

ii. A copy of a market and/or feasibility study for the proposed operation of the project by an independent third party, which must include the third party's position regarding the marketability, and underwriting of the project and satisfy the criteria set forth at N.J.A.C. 19:31AA-1.3(c);

iii. Financial information for the project, including, but not limited to, projected income statement, any Federal, State, or local financial assistance for the project, proposed terms of financing, projected net operating profit, and any other documentation demonstrating economic and commercial viability;

iv. A binding agreement between the prospective landlord and the applicant for the new supermarket or grocery store at the site of the project and an acknowledgment by the prospective landlord that the applicant is applying for an incentive award for the supermarket or grocery store, that may include, but is not limited to, a letter of intent and a verification by the prospective landlord of proposed rent; and

v. A list and status of all required local, State, and Federal government permits and local planning and zoning board approvals that have been issued for the project, or will be required to be issued to operate the supermarket or grocery store on a full-time basis;

11. A list of all of the New Jersey Department of Labor and Workforce Development, the New Jersey Department of Environmental Protection, and the New Jersey Department of the Treasury permits and approvals or obligations and responsibilities with which the applicant is associated or has an interest in. The list shall identify the entity that applied for or received such permits and approvals or have such obligations and responsibilities, such as by program interest numbers or licensing numbers. The applicant shall also submit a written certification by the chief executive officer or equivalent officer of the applicant, stating that the applicant applying for the program satisfies the criteria at N.J.A.C. 19:31AA-1.7(b) to be in substantial good standing with the New Jersey Department of Labor and Workforce Development, the New Jersey Department of Environmental Protection, and the New Jersey Department of the Treasury;

12. A certification that any contractors or subcontractors that will perform work at the project are registered as required by the Public Works Contractor Registration Act (N.J.S.A. 34:11-56.48 et seq.), have not been debarred by the Department of Labor and Workforce Development from engaging in or bidding on public works contracts in the State, and possess a tax clearance certificate issued by the Division of Taxation in the New Jersey Department of the Treasury;

13. A certification by the chief executive officer or equivalent officer of the applicant, that the officer has reviewed the application information submitted and that the representations contained therein are accurate;

14. A completed legal questionnaire disclosing all relevant legal matters in accordance with the Authority debarment and disqualification rules at N.J.A.C. 19:30-2;

15. Submission of a tax clearance certificate, pursuant to N.J.S.A. 54:50-39;

16. A list of all the development subsidies, as defined at N.J.S.A. 52:39-3, that the applicant is requesting or receiving, the name of the granting body, the value of each development subsidy, and the aggregate value of all development subsidies requested or received;

17. Information required by the Authority to evaluate and determine the eligibility of the application pursuant to N.J.A.C. 19:31AA-1.3(a)7; and

18. Any other necessary and relevant information as determined by the Authority for a specific application, including, but not limited to, information needed to complete project financial review and applicant capacity.

(b) If the applicant is applying with a co-applicant, the application shall also include the following information of the co-applicant:

1. The name of the business;

2. The contact information of the person identified as the primary contact for the business;

3. The prospective future address of the business (if different);

4. The type of the business;

5. The principal products and services and three-digit North American Industry Classification System number;

6. The New Jersey tax identification number;

7. The Federal tax identification number;

8. A list of all of the New Jersey Department of Labor and Workforce Development, the New Jersey Department of Environmental Protection, and the New Jersey Department of the Treasury permits and approvals or obligations and responsibilities with which the co-applicant is associated, or has an interest in. The list shall identify the entity that applied for or received such permits and approvals or has such obligations and responsibilities, such as by program interest numbers or licensing numbers. The co-applicant shall also submit a written certification by the chief executive officer, or equivalent officer of the eligible co-applicant, stating that the co-applicant applying for the program satisfies the criteria at N.J.A.C. 19:31AA-1.7(b) to be in substantial good standing with the New Jersey Department of Labor and Workforce Development, the New Jersey Department of Environmental Protection, and the New Jersey Department of the Treasury;

9. A certification by the chief executive officer or equivalent officer of the co-applicant, that the officer has reviewed the application information submitted and that the representations contained therein are accurate;

10. A completed legal questionnaire disclosing all relevant legal matters, in accordance with the Authority debarment and disqualification rules at N.J.A.C. 19:30-2;

11. Submission of a tax clearance certificate, pursuant to N.J.S.A. 54:50-39;

12. A list of all the development subsidies, as defined at N.J.S.A. 52:39-3, that the co-applicant is requesting or receiving for the project, the name of the granting body, the value of each development subsidy, and the aggregate value of all development subsidies requested or received;

13. Organizing documents of the co-applicant and a narrative regarding the activity of the co-applicant generally, and in the State and municipality;

14. A description of the long-term participation agreement between the co-applicant and the applicant, including a description of: how the co-applicant will take an active role in the project, the capital, and the real property or services related to the project that the co-applicant will provide that directly affect and serve the anticipated customers or directly support the project or operations of the supermarket or grocery store;

15. An explanation of the need for a co-applicant to receive and sell the tax credits to finance the project; and

16. Any other necessary and relevant information as determined by the Authority for a specific application, including, but not limited to, information needed to complete review of the project financial review and applicant capacity.

(c) Applications for a financing gap tax credit and an initial operating cost tax credit that relate to the same supermarket or grocery store must include the same financial information to the Authority. The Authority shall consider applications for a financing gap tax credit and an initial operating cost tax credit related to the same supermarket or grocery store at the same time. The Authority shall not approve one type of tax credit to a supermarket or grocery store for which the Authority previously approved the other type of tax credit.

(d) The Authority shall not consider an application for a project unless the applicant submits with the application a letter evidencing support for the project from the governing body of the municipality or municipalities in which the project is located.

(e) The Authority may, in its sole discretion, consider two or more applications for the same type of tax credits as one application for one project based on factors including, but not limited to, the location of the projects, the types of uses proposed, and the applicants' financing and operational plans.

(f) If circumstances require an applicant to amend its application to the Authority, the chief executive officer or equivalent officer of the applicant, shall certify to the Authority that the information provided in its amended application is true and correct pursuant to the penalty of perjury.

N.J. Admin. Code § 19:31AA-1.4

Recodified from 19:31-28.4 56 N.J.R. 807(a), effective 5/6/2024