New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31AA - FOOD DESERT RELIEF TAX CREDIT PROGRAM › Subchapter 1 - FOOD DESERT RELIEF TAX CREDIT PROGRAM › Section 19:31AA-1.4 - Application submission requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each application to the Authority made by
				  an applicant shall include the following information in an application format
				  prescribed by the Authority:
1. The name of
				  the business;
2. The contact
				  information of the person identified as the primary contact for the
				  business;
3. The prospective future
				  address of the business (if different);
4. The type of the business;
5. The principal products and services and
				  three-digit North American Industry Classification System number;
6. The New Jersey tax identification
				  number;
7. The Federal tax
				  identification number;
8. A
				  description of the project, including a breakdown of uses and related square
				  footage and costs, the breakdown of retail space (for example, a planogram),
				  and the applicant's experience with similar project(s);
9. For the financing gap tax credit:
i. The total projected number of construction
				  employees and permanent full-time and part-time employees at the
				  project;
ii. 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 third party's position
				  regarding the marketability and underwriting of the revenue and expense
				  components of the proposed project for the duration of the eligibility period
				  and commitment period;
iii. An
				  anticipated construction schedule;
iv. Financial information of the project
				  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 the
				  applicant-contributed capital, net margin, cash-on-cash yield, and a
				  certification from the chief executive officer or equivalent officer of the
				  applicant, 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. 19:31AA-1.3(a)2;
v. The status of control of the entire
				  project area, shown for each block and lot of the site as indicated on the
				  local tax map;
vi. 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 project, or
				  will be required to be issued to construct the project and to open the
				  supermarket or grocery store to the public, pending resolution of financing
				  issues; and
vii. A binding
				  agreement between the applicant and the operator of the new supermarket or
				  grocery store regarding the operation of the new supermarket or grocery
				  store;
10. For the
				  initial operating cost tax credit:
i. The
				  total projected number of permanent part-time and full-time employees at the
				  project;
ii. A copy of a market
				  and/or feasibility study for the proposed operation of the project by an
				  independent third party, which must include the third party's position
				  regarding the marketability, and underwriting of the project and satisfy the
				  criteria set forth at N.J.A.C. 19:31AA-1.3(c);
iii. Financial information for the project,
				  including, but not limited to, projected income statement, any Federal, State,
				  or local financial assistance for the project, proposed terms of financing,
				  projected net operating profit, and any other documentation demonstrating
				  economic and commercial viability;
iv. A binding agreement between the
				  prospective landlord and the applicant for the new supermarket or grocery store
				  at the site of the project and an acknowledgment by the prospective landlord
				  that the applicant is applying for an incentive award for the supermarket or
				  grocery store, that may include, but is not limited to, a letter of intent and
				  a verification by the prospective landlord of proposed rent; and
v. 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 project, or will be required to be
				  issued to operate the supermarket or grocery store on a full-time
				  basis;
11. A list of all
				  of the New Jersey Department of Labor and Workforce Development, the New Jersey
				  Department of Environmental Protection, and the New Jersey Department of the
				  Treasury permits and approvals or obligations and responsibilities with which
				  the applicant is associated 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 applicant shall also submit a written certification by
				  the chief executive officer or equivalent officer of the applicant, stating
				  that the applicant applying for the program satisfies the criteria at N.J.A.C.
				  19:31AA-1.7(b) to be in substantial good standing with the New Jersey
				  Department of Labor and Workforce Development, the New Jersey Department of
				  Environmental Protection, and the New Jersey Department of the
				  Treasury;
12. A certification that
				  any contractors or subcontractors that will perform work at the 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 New Jersey Department of
				  the Treasury;
13. A certification
				  by the chief executive officer or equivalent officer of the applicant, that the
				  officer has reviewed the application information submitted and that the
				  representations contained therein are accurate;
14. 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;
15. Submission of a tax clearance
				  certificate, pursuant to
				  N.J.S.A.
				  54:50-39;
16. A list of all the development subsidies,
				  as defined at
				  N.J.S.A.
				  52:39-3, that the applicant 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;
17. Information required
				  by the Authority to evaluate and determine the eligibility of the application
				  pursuant to N.J.A.C. 19:31AA-1.3(a)7; and
18. 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 applicant capacity.