N.J. Admin. Code § 19:31V-1.24

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

Section 19:31V-1.24 - Reports by the Authority to the Governor and Legislature on implementation of the Program

(a) Beginning in 2022, and every two years thereafter, a State college or university established pursuant to Chapter 64 of Title 18A of the New Jersey Statutes shall, pursuant to an agreement executed between the State college or university and the Authority, prepare a report on the implementation of the Program, and submit the report to the Authority, the Governor, and, pursuant to N.J.S.A. 52:14-19.1, to the Legislature. Each biennial report required pursuant to this section shall include a description of each redevelopment project receiving a tax credit pursuant to the Program, a detailed analysis of the consideration given in each project to the factors set forth at N.J.S.A. 34:1B-326 and 327 and N.J.A.C. 19:31V-1.6 and 1.7, in the case of a commercial project, the return on investment for incentive awards provided and the commercial project's impact on the State's economy, and any other metrics the State college or university determines are relevant based upon national best practices. The Authority shall prepare a written response to the report, which the Authority shall submit to the Governor and, pursuant to N.J.S.A. 52:14-19.1, to the Legislature.

(b) On or before December 31, 2023, the Authority shall submit a report to the Governor and, pursuant to N.J.S.A. 52:14-19.1, the Legislature on the effectiveness of the Program in encouraging development in government-restricted municipalities, which report shall include, at a minimum, recommendations to incentivize additional development in government-restricted municipalities through financial assistance or other incentives that the authority determines are appropriate.

Recodified from 19:31-23A.24 56 N.J.R. 807(a), effective 5/6/2024