New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31I - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Subchapter 1 - BUSINESS EMPLOYMENT INCENTIVE PROGRAM › Section 19:31I-1.12 - Fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A non-refundable application fee of $
				  1,000 shall accompany every application for grant assistance.
(b) A non-refundable commitment fee of $
				  1,000 is charged with the acceptance by an applicant for a BEIP
				  grant.
(c) A non-refundable
				  Commitment Letter extension fee of $ 1,000 shall be paid for every extension of
				  a Commitment Letter expiration date beyond the initial expiration
				  date.
(d) A non-refundable fee of $
				  1,000 shall be paid at closing.
(e)
				  For each project with total grant disbursements, as projected at the time of
				  approval, of $ 1,000,000 or less, a non-refundable fee of $ 1,000 shall be paid
				  for each request for any administrative changes, additions, or modifications to
				  the grant; and a non-refundable fee of $ 2,500 shall be paid for any major
				  changes, additions, or modifications to the grant, such as those requiring
				  extensive staff time and Board approval. For each project with total grant
				  disbursements, as projected at the time of approval, of $ 1,000,000 to $
				  5,000,000, a non-refundable fee of $ 2,500 shall be paid for each request for
				  any administrative changes, additions, or modifications to the grant; and a
				  non-refundable fee of $ 7,500 shall be paid for any major changes, additions,
				  or modifications to the grant, such as those requiring extensive staff time and
				  Board approval. For each project with total grant disbursements, as projected
				  at the time of approval, in excess of $ 5,000,000, a non-refundable fee of $
				  5,000 shall be paid for each request for any administrative changes, additions,
				  or modifications to the grant; and a non-refundable fee of $ 25,000 shall be
				  paid for any major changes, additions, or modifications to the grant, such as
				  those requiring extensive staff time and Board approval.
(f) A non-refundable fee of $ 750.00 shall be
				  paid for any extension to the expiration date of a grant.
(g) An annual servicing fee shall be paid to
				  the Authority by the business and shall be deducted from the annual grant
				  payment to the business. The servicing fee shall be two percent of the annual
				  grant disbursement with an annual cap of $ 75,000.
(h) A non-refundable post-benefit retention
				  equaling 20 percent of the final award shall be deducted at the time of
				  disbursement for costs associated with monitoring annual job creation reports
				  which, if all post award reporting is done pursuant to the grant agreement,
				  shall be refunded at the end of the required reporting period with EDA
				  retaining one percent per year for servicing costs.
(i) The full amount shall be paid 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.