New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31F - LOCAL DEVELOPMENT FINANCING FUND › Subchapter 1 - LOCAL DEVELOPMENT FINANCING FUND › Section 19:31F-1.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this
					 subchapter, shall have the following meanings unless the context clearly
					 indicates otherwise:
"Act" means the New Jersey Local Development Financing Fund
					 Act (P.L. 1983, c.190) as amended and supplemented.
"Eligible project" means a project which has been approved
					 by the Authority to receive financial assistance from the Local Development
					 Financing Fund.
"Eligible project costs" means the costs of planning,
					 developing, executing and making operative, an industrial or commercial
					 redevelopment project. Eligible project costs include:
1. The cost of purchasing, leasing, condemning, or
					 otherwise acquiring land or other property, or an interest therein, in the
					 designated project area or as necessary for a right-of-way or other easement to
					 or from the project area;
2. The cost incurred for, or in connection with, or
					 incidental to, acquiring and managing the land, property or interest;
3. The cost incurred for, or in connection with, the
					 relocating and moving of persons displaced by acquisition;
4. The cost of development or redevelopment,
					 including:
i. The comprehensive renovation or rehabilitation of the
					 land, property or interest;
ii. The cost of equipment and fixtures which are part of
					 the real estate, and the cost of production machinery and equipment necessary
					 for the operation of the project;
iii. The cost of energy conservation improvements designed
					 to encourage the efficient use of energy resources, including renewable and
					 alternative energy resources and cogenerating facilities; and
iv. The disposition of land or other property for these
					 purposes.
5. The cost of demolishing, removing, relocating,
					 renovating, altering, constructing, reconstructing, installing or repairing any
					 land or any building, street, highway, alley, utility, service or other
					 structure or improvement;
6. The cost of acquisition, construction, reconstruction,
					 rehabilitation or installation of public facilities and improvements necessary
					 to the project; and
7. The cost incurred or incidental cost including, but not
					 limited to:
i. Administrative, appraisal and economic analysis;
ii. Engineering service;
iii. Planning service;
iv. Design service;
v. Architectural service;
vi. Surveying service; and
vii. Other professional service.
"Financial assistance" means, but is not limited to, loans,
					 loan guarantees, grants, secondary mortgages, and equity participation provided
					 by the fund.
"Fund" means the Local Development Financing Fund.
"Municipality" means a New Jersey municipality qualifying
					 for aid pursuant to the State formula for State aid to municipalities (see
					 52:27D-178) for services and to offset property taxes.
"Project" means an industrial or commercial enterprise
					 within a municipality that would not be undertaken in its intended scope but
					 for the assistance provided for under the Act and these rules.
"Sponsor" means the governing body of a municipality or,
					 with the approval of the government of the municipality, a local development
					 corporation, community development corporation, municipal port authority
					 (established pursuant to 40:68A-29), or governing body of a county, or, with
					 the approval of the government of a county, a county development corporation or
					 other public entity designated by the Authority as a sponsor.