N.J. Admin. Code § 19:31Z-1.5

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

Section 19:31Z-1.5 - Fees

(a) An applicant for tax credits pursuant to the Program shall submit a one-time non-refundable application fee. The application fee shall be, as follows:

1. For redevelopment projects with total cost of remediation of $ 5 million or less, the fee shall be $ 2,000; and

2. For redevelopment projects with total cost of remediation greater than $ 5 million, the fee shall be $ 7,000.

(b) A developer shall pay to the Authority the full amount 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.

(c) The developer shall pay to the Authority a fee prior to the approval of the tax credit by the Authority, as follows, except that the fee shall be refunded if the Authority does not approve the tax credit:

1. For redevelopment projects with total cost of remediation of $ 5 million or less, the fee shall be $ 5,000; and

2. For redevelopment projects with total cost of remediation greater than $ 5 million, the fee shall be $ 15,000.

(d) For all redevelopment projects, a developer shall pay to the Authority a non-refundable fee prior to the receipt of the tax credit certificate. The fee shall be, as follows:

1. For redevelopment projects with total cost of remediation of $ 5 million or less, the fee shall be $ 5,000; and

2. For redevelopment projects with total cost of remediation greater than $ 5 million, the fee shall be $ 15,000.

(e) A developer applying for a tax credit transfer certificate pursuant to N.J.A.C. 19:31Z-1.13 or permission to pledge a tax credit transfer certificate purchase contract as collateral, shall pay to the Authority a fee, as follows:

1. For redevelopment projects with total cost of remediation of $ 5 million or less, the fee shall be $ 5,000, and $ 2,500 for each additional request; and

2. For redevelopment projects with total cost of remediation greater than $ 5 million, the fee shall be $ 7,500, and $ 2,500 for each additional request.

(f) Upon application to pledge or assign any or all of its right, title, and interest in, and to, a redevelopment agreement and in the tax credits payable thereunder, a developer shall pay to the Authority a fee, as follows:

1. For redevelopment projects with total cost of remediation of $ 5 million or less, the fee shall be $ 5,000, and $ 2,500 for each additional request; and

2. For redevelopment projects with total cost of remediation greater than $ 5 million, the fee shall be $ 7,500, and $ 2,500 for each additional request.

(g) A developer shall pay to the Authority a non-refundable fee for each request for a change, addition, or modification to the award, as follows:

1. For redevelopment projects with total cost of remediation of $ 5 million or less, a non-refundable fee of $ 2,500 shall be paid for each minor change, addition, or modification; and a non-refundable fee of $ 5,000 shall be paid for each major change, addition, or modification to the award, such as those requiring extensive staff time and Board approval; and

2. For redevelopment projects with total cost of remediation greater than $ 5 million, a non-refundable fee of $ 5,000 shall be paid for each minor change, addition, or modification; and a non-refundable fee of $ 10,000 shall be paid for each major change, addition, or modification to the award, such as those requiring extensive staff time and Board approval.

(h) A non-refundable fee shall be paid for the first six-month extension to the date by when: the redevelopment project must be completed as set forth at N.J.A.C. 19:31Z-1.9(e), the annual report and the progress report must be submitted as required at N.J.A.C. 19:31Z-1.11, and documentation required at N.J.A.C. 19:31Z-1.12 shall be submitted, a non-refundable fee shall be paid for each subsequent extension, as follows:

1. For redevelopment projects with total cost of remediation of $ 5 million or less, the fee shall be $ 2,500, except that for any extension that requires Board approval, the fee shall be $ 7,500; and

2. For redevelopment projects with total cost of remediation greater than $ 5 million, the fee shall be $ 5,000, except that for any extension that requires Board approval, the fee shall be $ 15,000.

N.J. Admin. Code § 19:31Z-1.5

Recodified from 19:31-27.5 56 N.J.R. 807(a), effective 5/6/2024