New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31D - ECONOMIC REDEVELOPMENT AND GROWTH PROGRAM › Subchapter 1 - ECONOMIC REDEVELOPMENT AND GROWTH PROGRAM › Section 19:31D-1.5 - Fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A developer
				  applying for benefits under this program shall submit a one-time non-refundable
				  application fee of $ 5,000, with payment in the form of a check, payable to the
				  "New Jersey Economic Development Authority."
(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) For a qualified
				  residential project, mixed use parking project, or project involving university
				  infrastructure that receives tax credits, a non-refundable fee of .5 percent of
				  the approved incentive grant or tax credit, not to exceed $ 300,000, shall be
				  charged by the Authority prior to the approval of the tax credit. For all other
				  incentive grants, a non-refundable fee of .5 percent of the approved incentive
				  grant, not to exceed $ 500,000, shall be charged by the Authority prior to the
				  approval of the incentive grant. The fee shall be refunded if the Authority
				  does not approve the incentive grant or tax credit.
(d) For a qualified residential project,
				  mixed use parking project, or project involving university infrastructure that
				  receives tax credits, a non-refundable fee of .5 percent of the tax credit, not
				  to exceed $ 300,000, shall be charged upon the receipt of the tax credit
				  certificate. For all other incentive grants, a non-refundable fee of .5 percent
				  of the incentive grant, not to exceed $ 500,000, shall be charged upon
				  execution of the incentive grant agreement.
(e) For a qualified residential project,
				  mixed use parking project, or project involving university infrastructure that
				  receives tax credits, a developer shall pay to the Authority an annual review
				  fee, beginning the tax accounting or privilege period in which the Authority
				  accepts the certification that the business has met the capital qualifications,
				  and for the duration of the eligibility period. The annual review fee shall be
				  paid to the Authority by the business at the time the business submits its
				  annual report. The annual review fee shall be $ 2,500 per year.
(f) For a qualified residential project,
				  mixed use parking project, or project involving university infrastructure that
				  receives tax credits, upon application for a tax credit transfer certificate
				  pursuant to N.J.A.C 19:31D-1.10 or permission to pledge a tax credit transfer
				  certificate purchase agreement as collateral, a developer shall pay to the
				  Authority a fee of $ 5,000 and $ 2,500 for each additional request made
				  annually.
(g) Upon application to
				  pledge, assign, transfer, or sell any or all of its right, title, and interest
				  in and to an incentive agreement and in the incentive grants payable
				  thereunder, a developer shall pay to the Authority a fee of $ 2,500.
(h) A non-refundable fee of $ 5,000 shall be
				  paid for each request for any administrative changes, additions, or
				  modifications; and a non-refundable fee of $ 25,000 shall be paid for any major
				  changes, additions, or modifications, such as those requiring extensive staff
				  time and Board approval.
(i) A
				  non-refundable fee of $ 1,000 shall be paid for the first six-month extension
				  to the date by which evidence must be submitted to demonstrate compliance with
				  the conditions set forth in commitment letter pursuant to N.J.A.C
				  19:31D-1.8(a); and a non-refundable fee of $ 2,500 shall be paid for the second
				  extension to that date.
(j) A
				  business seeking to terminate an existing incentive agreement in order to
				  participate in an incentive agreement authorized pursuant to
				  P.L.
				  2013, c. 161, shall pay
				  to the Authority an additional fee of $ 5,000 for terminations that do not
				  require extensive staff time and Board approval; and a non-refundable fee of $
				  25,000 for terminations that require extensive staff time or Board
				  approval.