N.J. Admin. Code § 19:31I-1.10

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

Section 19:31I-1.10 - Rescission and withholding of grant payments

(a) Defaults under the grant agreement may include, but not be limited to:

1. Failure to comply with the requirements of this subchapter or other applicable State laws or rules;

2. Failure to comply with any condition or requirement of the Grant Agreement;

3. Failure to maintain the stipulated employment levels;

4. Submission of false or misleading information, or failure to submit relevant information; or

5. Insolvency, bankruptcy or other conditions which affect the financial integrity of the business.

(b) Upon a default under the grant agreement, in addition to any other remedies in the grant agreement and available under this section and under the Act, the Authority may withhold any payment not yet paid at the time of the default under the grant agreement. The Authority shall provide written notice to the business of its intent to withhold, reduce or terminate the grant. The business may request in writing reconsideration of the Authority's decision. The determination to withhold, reduce or terminate a grant is solely within the Authority's discretion.

(c) Upon failure to maintain the minimum eligibility threshold or 80 percent of the base employment number, the Authority may suspend the grant agreement for a period of two years, provided the company can demonstrate during that period a continued effort and commitment to growth in New Jersey. An additional one year of suspension may be granted upon application to the Authority. Any suspension shall not extend the term of the grant.

(d) Upon termination of the grant agreement, in addition to any other remedies in the grant agreement and available under this section and under the Act, the Authority may require repayment of an amount of the grant based on the period of time the business complied with the grant, provided, however, that the Authority may require repayment of the total amount paid to the business over the term of the grant if the default results from the business moving the project out of the State of New Jersey or the business being sold and moved out of the State of New Jersey.

N.J. Admin. Code § 19:31I-1.10

Amended by R.2005 d.97, effective 3/21/2005.
See: 36 N.J.R. 5663(a), 37 N.J.R. 904(b).
Rewrote the section.
Amended by R.2018 d.122, effective 6/4/2018.
See: 49 N.J.R. 3576(a), 50 N.J.R. 1374(a).
Deleted (e).

Recodified from 19:31-10.10 56 N.J.R. 807(a), effective 5/6/2024