N.J. Admin. Code § 19:31G-1.9

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

Section 19:31G-1.9 - Application for financial assistance and grants

(a) Upon determination of eligibility by the Department, the Department will notify the Authority of the eligibility of the applicant, and the total amount of remediation costs and the amount of remediation costs for which the applicant is unable to establish a remediation funding source, if applicable.

(b) The Department shall forward the approved application to the Authority for further processing. The Authority shall have the discretion to request any additional information from the applicant and/or from the Department which it deems necessary in order to complete its evaluation of the application. An application shall be deemed to be complete at such time as the Authority has received all required information in the required form.

(c) The applicant will be given priority for financial assistance and grants based on the date of receipt by the Authority of a completed application, readiness to proceed with the remediation, and availability of sufficient moneys in the Fund for the purpose of the financial assistance or grant, subject to any priority given at N.J.A.C. 19:31G-1.7 and credit approval by the Authority.

(d) If the application is determined by the Authority to be incomplete, the applicant will have 30 days from receipt of written notice of incompleteness to file any additional information required by the Authority. Notwithstanding anything in this section to the contrary, in the event the applicant submits the additional information in the required form within the 30-day period, the application shall be deemed complete as of the initial application submission date.

(e) If the applicant fails to file the additional information within the 30-day period, the filing date for the application shall be the date the additional information is received by the Authority, for those applications relating to sites that are not within a priority category enumerated at N.J.A.C. 19:31G-1.7.

(f) A completed application shall include, if applicable, as determined by the Authority:

1. A history and description of the applicant's business;

2. A description of the proposed project and a detailed breakdown of the use of the loan or grant proceeds;

3. Where a public entity is applying for a grant, either an adopted comprehensive plan for the development or redevelopment of contaminated, or potentially contaminated real property, or demonstration of commitment that the real property will be developed or redeveloped within three years from the completion of the remediation, pursuant to N.J.A.C. 19:31G-1.3;

4. Demonstration of readiness to proceed with remediation, as required to be prioritized for the ranking pursuant to N.J.A.C. 19:31G-1.7;

5. Annual financial statements for the three most recent years, including the balance sheets, operating statements and reconciliations of the source and application of funds, or, for an individual, copies of tax returns for the three most recent years.

6. A current interim statement, if the most recent annual financial statement is more than six months old;

7. Three years of projections, including the balance sheets, operating statements, reconciliation of the source and application of funds, and a detailing of the assumptions used in preparing the projections;

8. A list of the applicant's five largest customers, including the customer name, address, telephone number, and contact person;

9. A list of the applicant's five largest suppliers, including the supplier name, address, telephone number, and contact person;

10. A schedule of all officers, directors, and stockholders (owning 10 percent or more of the stock), including resumes and signed, dated personal financial statements; and

11. In the case of a loan guarantee, a formal commitment letter from the lender providing the loan, including the terms, conditions, collateral, and a statement of the requirement for the Authority guarantee.

(g) The Authority may also require:

1. Appraisal(s) on real property and/or machinery and equipment;

2. Aging of accounts receivable;

3. Aging of accounts payable; and/or

4. Any additional information deemed necessary to evaluate the application.

(h) Applications are processed through several layers of staff review and may then be recommended for consideration and official action of the Authority Members at a public meeting. The applicant has no right to have its application presented to the Members.

N.J. Admin. Code § 19:31G-1.9

Administrative Correction.
See: 26 N.J.R. 2462(b).
Amended by R.2000 d.297, effective 7/17/2000.
See: 32 N.J.R. 1705(a), 32 N.J.R. 2602(c).
Rewrote (b); inserted references to grants in (c) and (f)2; and in (d), added a second sentence.
Recodified from N.J.A.C. 19:31-8.7 and amended by R.2006 d.369, effective 10/16/2006.
See: 38 N.J.R. 3001(a), 38 N.J.R. 4503(a).
In (a), inserted ", if applicable"; in (c), inserted ", subject to any priority given under N.J.A.C. 19:31-8.7"; and in (e), inserted ", for those applications relating to sites that are not within a priority category enumerated in N.J.A.C. 19:31-8.7". Former N.J.A.C. 19:31-8.9, Approval process for financial assistance and grants, recodified to N.J.A.C. 19:31-8.11.
Amended by R.2021 d.126, effective 11/1/2021.
See: 53 N.J.R. 1270(a), 53 N.J.R. 1859(a).
Rewrote (c); in the introductory paragraph of (f), inserted a comma following "applicable"; added (f)3 and (f)4; recodified former (f)3 through (f)9 as (f)5 through (f)11; and rewrote (h).

Recodified from 19:31-8.9 56 N.J.R. 807(a), effective 5/6/2024