N.J. Admin. Code § 19:31Z-1.10

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

Section 19:31Z-1.10 - Redevelopment project modifications and extensions

(a) On or before the date of completion of the redevelopment project, any modification to the redevelopment project as approved by the Board, including, but not limited to, a change in ownership of the developer, a change in the key personnel responsible for the remediation, an increase or reduction in the amount of the remediation cost, a change in redevelopment project scope, or an extension to the date by when the redevelopment project must be completed, shall require review and approval by the Authority to determine that the redevelopment project, as modified, does not undermine the basis for the tax credit award approved.

(b) In considering whether to approve the modification request, the Authority shall:

1. Determine that the revised redevelopment project continues to meet the requirements for the redevelopment, as defined pursuant to the Program;

2. Confirm that the proposed change to the redevelopment project will not undermine the basis for the tax credit award approved; and

3. Determine that the revised redevelopment project continues to meet the minimum score and would have been eligible based on the order of applications pursuant to N.J.A.C. 19:31Z-1.6(b), unless the developer demonstrates to the Authority that:

i. The modification is due to unforeseeable conditions related to the redevelopment project beyond the developer's or any affiliate's control and without its fault or negligence;

ii. The developer and any applicable affiliate is using best efforts, with all due diligence, to proceed with the completion of the redevelopment project; and

iii. The developer and any applicable affiliate has made all reasonable efforts to prevent, avoid, mitigate, and overcome the modification.

(c) Modifications and extensions shall not increase the amount of the tax credits awarded.

N.J. Admin. Code § 19:31Z-1.10

Recodified from 19:31-27.10 56 N.J.R. 807(a), effective 5/6/2024