New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31Q - GROW NEW JERSEY ASSISTANCE PROGRAM › Subchapter 1 - GROW NEW JERSEY ASSISTANCE PROGRAM › Section 19:31Q-1.3 - Eligibility criteria

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In order
				  to be considered for a Grow New Jersey tax credit, the chief executive officer
				  of a business shall demonstrate at the time of application that the business,
				  expressly including its landlord or seller, will make, acquire, or lease a
				  capital investment equal to or greater than, the applicable capital investment
				  required at (a)1 below at which it will retain full-time jobs and/or create new
				  full-time jobs in an amount equal to or greater than, the applicable number at
				  (a)2 below.
1. For all projects approved
				  after September 18, 2013, the effective date of
				  P.L.
				  2013, c. 161, the
				  minimum capital investment required shall be reduced by one-third (utilizing
				  even numbers rounded down) for projects located in a Garden State Growth Zone
				  or projects located within Atlantic, Burlington, Camden, Cape May, Cumberland,
				  Gloucester, Ocean, or Salem counties:
i. For
				  the rehabilitation, improvement, fit-out, or retrofit of an existing
				  industrial, warehousing, logistics, or research and development premises for
				  continued similar use by the business in at least 51 percent of the gross
				  leasable area of the premises, a minimum investment of $ 20.00 per square feet
				  of gross leasable area;
ii. For the
				  new construction of an industrial, warehousing, logistics, or research and
				  development premises for similar use by the business in at least 51 percent of
				  the gross leasable area of the premises, a minimum investment of $ 60.00 per
				  square feet of gross leasable area;
iii. For the rehabilitation, improvement, fit-out, or retrofit of
				  an existing premises that does not qualify pursuant to (a)1i and ii above, a
				  minimum investment of $ 40.00 per square feet of gross leasable area;
iv. For the new construction of a premises
				  that does not qualify pursuant to (a)1i and ii above, a minimum investment of $
				  120.00 per square feet of gross leasable area. For purposes of this
				  subparagraph, non-industrial premises shall include vacant industrial premises
				  that are unleased and unoccupied; and
v. The minimum capital investment shall be aggregated only for
				  buildings that are proximate, as determined by the Authority in its sole
				  discretion, and have the same minimum investment per square feet of gross
				  leasable area. Proximate buildings shall include, but not be limited to,
				  buildings that are adjacent to each other or across a single public
				  right-of-way from each other. Notwithstanding that buildings in a complex of
				  buildings may have different minimum capital investment requirements, the
				  capital investment in a complex of buildings shall be aggregated for purposes
				  of qualifying as a mega project or for an award pursuant to N.J.A.C.
				  19:31Q-1.8(h). The following are examples:
(1) A complex of buildings consists of building A and building B,
				  which are both on the same block but separated by other buildings. Both
				  buildings are existing office buildings that will be rehabilitated. The minimum
				  capital investment for the project will be aggregated based on the total square
				  feet of gross leasable area of the two buildings.
(2) A complex of buildings will consist of
				  building A and building B, which will be adjacent to each other but have
				  separate entrances. Building A is an existing office building that will be
				  rehabilitated; building B will be a newly constructed office building. The
				  business will have to make a minimum capital investment at building A and a
				  separate minimum capital investment at building B.
(3) A complex of buildings consists of
				  building A and building B, which are located in an industrial park and are
				  separated solely by a parking lot. Both buildings are existing industrial
				  buildings that will be rehabilitated for continued industrial use. The minimum
				  capital investment for the project will be aggregated based on the total square
				  feet of gross leasable area of the two buildings.