New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31V - ASPIRE PROGRAM RULES › Subchapter 1 - ASPIRE › Section 19:31V-1.4 - Application submission requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each application to the Authority made by
				  a developer shall include the following information in an application format
				  prescribed by the Authority:
1. The name of
				  the developer and lead development entity;
2. The contact information of the person
				  identified as the primary contact for the developer and lead development
				  entity;
3. The type of the business
				  of the developer and lead development entity;
4. The New Jersey tax identification number
				  of the developer and lead development entity;
5. The Federal tax identification number of
				  the developer and lead development entity;
6. Financial statements for the last three
				  years of the lead development entity;
7. A description of the project, including a
				  breakdown of uses and related square footage and costs, and the developer's
				  experience with similar project(s);
8. A copy of a market and/or feasibility
				  study for the proposed use of the project site by an independent third party,
				  which must include the firm's position regarding the marketability and
				  underwriting of the revenue and expense components of the proposed project for
				  the duration of the eligibility period;
9. An anticipated construction
				  schedule;
10. Financial information
				  of the project, which shall include all phases, including, but not limited to,
				  estimated project costs and total development costs, any State or local
				  financial assistance for the project, proposed terms of financing, projected
				  reasonable and appropriate return on investment on developer's contributed
				  capital, net margin, and cash on cash yield, and a certification from the chief
				  executive officer, or equivalent officer of the developer, that additional
				  capital cannot be raised from other sources on a non-recourse basis after
				  making all good faith efforts to raise additional capital, and any other
				  documentation demonstrating economic and commercial viability pursuant to
				  N.J.A.C. 19:31V-1.3(a)2;
11. As
				  applicable, a certification that the project meets the requirements to reserve
				  residential units as set forth at N.J.A.C. 19:31V-1.3(e) and/or 1.11(e) and the
				  affordability controls for such reserved units;
12. A list of all of the New Jersey
				  Department of Labor and Workforce Development, the Department of Environmental
				  Protection, and the Department of the Treasury permits and approvals or
				  obligations and responsibilities, with which the developer and the lead
				  development entity is associated with, or has an interest in. The list shall
				  identify the entity that applied for or received such permits and approvals or
				  have such obligations and responsibilities, such as by Program interest numbers
				  or licensing numbers. The developer and the lead development entity shall also
				  submit a written certification by the chief executive officer, or equivalent
				  officer of the developer, stating that the developer applying for the Program
				  and the lead development entity satisfy the criteria at N.J.A.C. 19:31V-1.7(b)1
				  to be in substantial good standing with the Department of Labor and Workforce
				  Development, the Department of Environmental Protection, and the Department of
				  the Treasury, and the criteria at N.J.A.C. 19:31V-1.7(b)2 to be in substantial
				  good standing with the Agency;
13.
				  A certification that any contractors or subcontractors that will perform work
				  at the redevelopment project are registered as required by the Public Works
				  Contractor Registration Act,
				  N.J.S.A.
				  34:11-56.48 et seq., have not been debarred
				  by the Department of Labor and Workforce Development from engaging in or
				  bidding on Public Works Contracts in the State, and possess a tax clearance
				  certificate issued by the Division of Taxation in the Department of the
				  Treasury;
14. A certification by
				  the chief executive officer, or equivalent officer of the developer, that the
				  officer has reviewed the application information submitted and that the
				  representations contained therein are accurate;
15. A completed legal questionnaire
				  disclosing all relevant legal matters in accordance with the Authority
				  debarment and disqualification rules at N.J.A.C. 19:30-2;
16. Submission of a tax clearance certificate
				  of the developer and the lead development entity;
17. A list of all the development subsidies,
				  as defined at
				  N.J.S.A.
				  52:39-1 et seq., that the developer is
				  requesting or receiving, the name of the granting body, the value of each
				  development subsidy, and the aggregate value of all development subsidies
				  requested or received;
18. The
				  status of control of the entire redevelopment project site, shown for each
				  block and lot of the site as indicated on the local tax map;
19. A list and status of all required local,
				  State, and Federal government permits and local planning and zoning board
				  approvals that have been issued for the redevelopment project, or will be
				  required to be issued, pending resolution of financing issues;
20. A description of how the minimum
				  environmental and sustainability standards are to be incorporated into the
				  proposed redevelopment project, including use of renewable energy,
				  energy-efficient technology, and non-renewable resources in order to reduce
				  environmental degradation and encourage long-term cost reduction;
21. Except for a residential project that is
				  located in a government-restricted municipality, and in which 100 percent of
				  the residential units constructed in the residential project are reserved for
				  occupancy by low- and moderate-income households, for a redevelopment project
				  whose total project cost equals or exceeds $ 10 million and for which a
				  community benefits agreement, a redevelopment agreement, or a resolution is
				  required pursuant to
				  N.J.S.A.
				  34:1B-328.f and N.J.A.C. 19:31V-1.8(e), a
				  letter of support from the chief executive of the municipality or county, if
				  applicable, acknowledging the requirement and that the requirement must be met
				  within the time required at N.J.A.C. 19:31V-1.8(e)4;
22. Information required by the Authority to
				  evaluate and determine the application's score pursuant to N.J.A.C.
				  19:31V-1.7(c);
23. If a developer
				  is applying as a major cultural institution, or to undertake a redevelopment
				  project in which the proposed major cultural institution has an ownership
				  interest:
i. Either:
(1) Form 990s or other forms filed with the
				  Internal Revenue Service for the most recent three consecutive tax years
				  showing the proposed major cultural institution's gross revenue; or
(2) Executed agreements or letters of intent
				  demonstrating current contribution or grant commitments to the proposed major
				  cultural institution;
ii.
				  An independent analysis demonstrating that the proposed major cultural
				  institution has the ability and likelihood to remain operational for the
				  duration of the eligibility period; and
iii. If applicable, documentation evidencing
				  the ownership interest by the proposed major cultural institution;
				  and
24. Any other
				  necessary and relevant information as determined by the Authority for a
				  specific application, including, but not limited to, information needed to
				  complete project financial review and developer capacity.