N.J. Admin. Code § 19:31D-1.5

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

Section 19:31D-1.5 - Fees

(a) A developer applying for benefits under this program shall submit a one-time non-refundable application fee of $ 5,000, with payment in the form of a check, payable to the "New Jersey Economic Development Authority."

(b) A developer shall pay to the Authority the full amount of direct costs of due diligence, including, but not limited to, debarment/disqualification reviews, or other analyses by a third-party retained by the Authority, if the Authority deems such retention to be necessary.

(c) For a qualified residential project, mixed use parking project, or project involving university infrastructure that receives tax credits, a non-refundable fee of .5 percent of the approved incentive grant or tax credit, not to exceed $ 300,000, shall be charged by the Authority prior to the approval of the tax credit. For all other incentive grants, a non-refundable fee of .5 percent of the approved incentive grant, not to exceed $ 500,000, shall be charged by the Authority prior to the approval of the incentive grant. The fee shall be refunded if the Authority does not approve the incentive grant or tax credit.

(d) For a qualified residential project, mixed use parking project, or project involving university infrastructure that receives tax credits, a non-refundable fee of .5 percent of the tax credit, not to exceed $ 300,000, shall be charged upon the receipt of the tax credit certificate. For all other incentive grants, a non-refundable fee of .5 percent of the incentive grant, not to exceed $ 500,000, shall be charged upon execution of the incentive grant agreement.

(e) For a qualified residential project, mixed use parking project, or project involving university infrastructure that receives tax credits, a developer shall pay to the Authority an annual review fee, beginning the tax accounting or privilege period in which the Authority accepts the certification that the business has met the capital qualifications, and for the duration of the eligibility period. The annual review fee shall be paid to the Authority by the business at the time the business submits its annual report. The annual review fee shall be $ 2,500 per year.

(f) For a qualified residential project, mixed use parking project, or project involving university infrastructure that receives tax credits, upon application for a tax credit transfer certificate pursuant to N.J.A.C 19:31D-1.10 or permission to pledge a tax credit transfer certificate purchase agreement as collateral, a developer shall pay to the Authority a fee of $ 5,000 and $ 2,500 for each additional request made annually.

(g) Upon application to pledge, assign, transfer, or sell any or all of its right, title, and interest in and to an incentive agreement and in the incentive grants payable thereunder, a developer shall pay to the Authority a fee of $ 2,500.

(h) A non-refundable fee of $ 5,000 shall be paid for each request for any administrative changes, additions, or modifications; and a non-refundable fee of $ 25,000 shall be paid for any major changes, additions, or modifications, such as those requiring extensive staff time and Board approval.

(i) A non-refundable fee of $ 1,000 shall be paid for the first six-month extension to the date by which evidence must be submitted to demonstrate compliance with the conditions set forth in commitment letter pursuant to N.J.A.C 19:31D-1.8(a); and a non-refundable fee of $ 2,500 shall be paid for the second extension to that date.

(j) A business seeking to terminate an existing incentive agreement in order to participate in an incentive agreement authorized pursuant to P.L. 2013, c. 161, shall pay to the Authority an additional fee of $ 5,000 for terminations that do not require extensive staff time and Board approval; and a non-refundable fee of $ 25,000 for terminations that require extensive staff time or Board approval.

N.J. Admin. Code § 19:31D-1.5

New Rule, R.2015 d.014, effective 1/20/2015.
See: 46 N.J.R. 1593(a), 47 N.J.R. 277(b).
Former N.J.A.C. 19:31-4.5, Financing gap and fiscal impact analysis, recodified to N.J.A.C. 19:31-4.6.
Amended by R.2017 d.010, effective 1/3/2017.
See: 48 N.J.R. 2031(a), 49 N.J.R. 134(a).
In (c) through (f), inserted ", mixed use parking project, or project involving university infrastructure," throughout; and in (f), substituted "$ 5,000 and $ 2,500 for each additional request made annually" for "$ 2,500".
Amended by R.2020 d.122, effective 11/16/2020.
See: 52 N.J.R. 1612(a), 52 N.J.R. 2064(a).
Rewrote (b).

Recodified from 19:31-4.5 56 N.J.R. 807(a), effective 5/6/2024