N.J. Admin. Code § 19:31Z-1.8

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

Section 19:31Z-1.8 - Approval letter

(a) Upon receipt of a recommendation from the Authority staff on the redevelopment project, the Board shall determine whether or not to approve the application. If approved, the Board shall determine the maximum amount of the tax credit award and the maximum percentage of remediation costs that will be used to calculate the tax credit award. The Board shall promptly notify the applicant and the Director of the Division of Taxation in the Department of the Treasury of the determination.

(b) The Board's award of the credits will be subject to conditions subsequent that must be met in order to retain the tax credit award. An approval letter setting forth the conditions subsequent will be sent to the developer. Such conditions shall include, but not be limited to: the requirement that the redevelopment project complies with the Authority's prevailing wage requirements, P.L. 2007, c. 245 (N.J.S.A. 34:1B-5.1), and affirmative action requirements, P.L. 1979, c. 303 (N.J.S.A. 34:1B-5.4); and that the redevelopment project does not violate any environmental law requirements, including, but not limited to, the Flood Hazard Area Control Act Rules, N.J.A.C. 7:13. The approval letter shall also provide the requirements necessary for the Authority to execute the redevelopment agreement, which shall include satisfaction of all conditions of approval.

(c) The approval letter shall require documentation evidencing project financing, including the submittal of executed financing commitments; documents that evidence site control or access by the developer or an affiliate; and a copy of the site plan approval, if applicable.

(d) Absent extenuating circumstances or the Authority's determination, in its sole discretion, the Authority's approval of the tax credits shall expire if the developer does not satisfy the conditions in the approval letter within one year after approval of the application.

(e) The approval letter shall provide an estimated date of completion of the redevelopment project and include a requirement for submitting project status reports every six months, beginning at approval of the application and ending upon execution of the redevelopment agreement. If the Authority does not receive a project status report when required or the project status report demonstrates unsatisfactory progress, the Authority may rescind the incentive award.

N.J. Admin. Code § 19:31Z-1.8

Recodified from 19:31-27.8 56 N.J.R. 807(a), effective 5/6/2024