New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31M - BUSINESS RETENTION AND RELOCATION ASSISTANCE GRANT PROGRAM › Subchapter 1 - BUSINESS RETENTION AND RELOCATION ASSISTANCE GRANT PROGRAM › Section 19:31M-1.10 - Project agreement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All
				  applicants shall execute an approval letter and a project agreement with the
				  Authority to establish the terms and the conditions of the grant of tax
				  credits. The approval letter will be subject to conditions subsequent that must
				  be met in order to retain the award of tax credits. Such conditions shall
				  include, but not be limited to, the execution of a project agreement.
(b) The Authority staff may provide whatever
				  assistance the Authority deems appropriate in the preparation of an application
				  for approval of a project and may issue grants of tax credits pursuant to the
				  project agreement entered between the Authority and the business.
(c) The project agreement shall include, but
				  not be limited to, the following terms or conditions as determined by the Chief
				  Executive Officer:
1. The month and year in
				  which the business will relocate its employees, the month and year in which the
				  business will submit information relating to the relocation of the required
				  number of retained employees required pursuant to N.J.A.C. 19:31M-1.11(b) and,
				  if applicable, the certification required pursuant to (c)2 below, and the State
				  fiscal years for which the tax credits are allocated, which will not be subject
				  to change without written approval of the Authority. Failure to adhere to these
				  dates may lead to forfeiture of all or a part of the tax credits;
2. A requirement that a certification by a
				  certified public accountant relating to the amount of eligible capital
				  investment with supporting evidence satisfactory to the Authority shall be
				  submitted by the business or, in the case of a tenant, the landlord prior to
				  the commencement of the tax credit term. Provided that such certification and
				  supporting evidence are satisfactory to the Authority, the tax credit
				  certificate will be issued within 90 days of submission;
3. An agreement by the applicant that the
				  four-year statute of limitations for the collection and assessment of
				  corporation business tax and insurance premiums tax will be extended to the
				  period of the commitment duration;
4. Certifications by the business, including
				  the following: eligibility for the program and participation in the program as
				  a material factor in the business' decision not to relocate outside of New
				  Jersey and to relocate the project in the State;
5. Requirements for undertaking the
				  project;
6. Requirements on
				  maintaining the existence of the business and not relocating the
				  project;
7. Representations that
				  the business is in good standing, the project complies with all applicable law,
				  and specifically, that the project does not violate any environmental
				  law;
8. Indemnification and
				  insurance requirements;
9.
				  Limitations on the grant of tax credits;
10. Default and remedies; and
11. Reporting
				  requirements.