N.J. Admin. Code § 19:31I-1.12

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

Section 19:31I-1.12 - Fees

(a) A non-refundable application fee of $ 1,000 shall accompany every application for grant assistance.

(b) A non-refundable commitment fee of $ 1,000 is charged with the acceptance by an applicant for a BEIP grant.

(c) A non-refundable Commitment Letter extension fee of $ 1,000 shall be paid for every extension of a Commitment Letter expiration date beyond the initial expiration date.

(d) A non-refundable fee of $ 1,000 shall be paid at closing.

(e) For each project with total grant disbursements, as projected at the time of approval, of $ 1,000,000 or less, a non-refundable fee of $ 1,000 shall be paid for each request for any administrative changes, additions, or modifications to the grant; and a non-refundable fee of $ 2,500 shall be paid for any major changes, additions, or modifications to the grant, such as those requiring extensive staff time and Board approval. For each project with total grant disbursements, as projected at the time of approval, of $ 1,000,000 to $ 5,000,000, a non-refundable fee of $ 2,500 shall be paid for each request for any administrative changes, additions, or modifications to the grant; and a non-refundable fee of $ 7,500 shall be paid for any major changes, additions, or modifications to the grant, such as those requiring extensive staff time and Board approval. For each project with total grant disbursements, as projected at the time of approval, in excess of $ 5,000,000, a non-refundable fee of $ 5,000 shall be paid for each request for any administrative changes, additions, or modifications to the grant; and a non-refundable fee of $ 25,000 shall be paid for any major changes, additions, or modifications to the grant, such as those requiring extensive staff time and Board approval.

(f) A non-refundable fee of $ 750.00 shall be paid for any extension to the expiration date of a grant.

(g) An annual servicing fee shall be paid to the Authority by the business and shall be deducted from the annual grant payment to the business. The servicing fee shall be two percent of the annual grant disbursement with an annual cap of $ 75,000.

(h) A non-refundable post-benefit retention equaling 20 percent of the final award shall be deducted at the time of disbursement for costs associated with monitoring annual job creation reports which, if all post award reporting is done pursuant to the grant agreement, shall be refunded at the end of the required reporting period with EDA retaining one percent per year for servicing costs.

(i) The full amount shall be paid 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.

N.J. Admin. Code § 19:31I-1.12

Amended by R.1998 d.150, effective 3/16/1998.
See: 29 N.J.R. 5236(a), 30 N.J.R. 1053(b).
In (b), decreased the floor from $ 1,500 to $ 500.
Amended by R.2001 d.242, effective 7/16/2001.
See: 33 N.J.R. 1567(a), 33 N.J.R. 2495(b).
In (b), inserted "and an annual cap of $ 10,000" following "$ 500.00".
Amended by R.2004 d.94, effective 3/1/2004.
See: 35 N.J.R. 5047(a), 35 N.J.R. 5369(a), 36 N.J.R. 1198(b).
Added (c) though (e).
Amended by R.2009 d.38, effective 1/20/2009.
See: 40 N.J.R. 5954(a), 41 N.J.R. 638(a).
Substituted "non-refundable" for "nonrefundable" throughout; in (a), substituted "$ 1,000" for "$ 500.00"; rewrote (b); in (c), substituted "$ 1,000" for "$ 750.00"; added new (d); recodified former (d) and (e) as (e) and (f); in (e), inserted "administrative" and "; and a non-refundable fee of $ 1,500 shall be paid for any major changes, additions or modifications to the grant, such as those requiring extensive staff time and Board approval"; and added (g) and (h).
Amended by R.2015 d.014, effective 1/20/2015.
See: 46 N.J.R. 1593(a), 47 N.J.R. 277(b).
Rewrote (e).
Amended by R.2020 d.122, effective 11/16/2020.
See: 52 N.J.R. 1612(a), 52 N.J.R. 2064(a).
Added (i).

Recodified from 19:31-10.12 56 N.J.R. 807(a), effective 5/6/2024