N.J. Admin. Code § 5:47-6.2

Current through Register Vol. 57, No. 1, January 6, 2025

Section 5:47-6.2 - Notice; deposit of assistance

(a) With respect to business applications that specify a project or projects, the Department shall notify the business entity in a timely manner:

1. That the project application has been received by the Department; and

2. That the Department has taken action to approve or disapprove the project.

(b) The Department shall verify the amount of assistance to be provided. In the case of a multiyear application, it shall establish an annual schedule of assistance to be provided in each tax year covered by the application.

(c) Approval of any project shall be contingent upon the Department's making the following determinations:

1. That the total assistance to be provided for the project does not exceed $ 1,000,000; and

2. That neither the business entity seeking the certificate nor any wholly owned subsidiary has previously failed to provide assistance to a nonprofit organization for which approval was granted.

(d) The Department shall provide the business entity with the schedule of assistance to be provided, shall notify the business entity that it has made these determinations, and shall notify the business entity of the amount that it must pay to the Department for deposit into the Neighborhood Revitalization Non-Lapsing Trust Fund pursuant to the provisions of section 7b(5) of the Act (N.J.S.A. 52:27D-496b(5)).

(e) The Department shall issue certificates to business entities not identifying the priority of a project or projects according to N.J.A.C. 5:47-6.4.

N.J. Admin. Code § 5:47-6.2