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-1.7 - Application procedures

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A business
				  shall apply to the Authority for a grant on a form prescribed by the Authority
				  which requires the following:
1. The name and
				  address of the business;
2. A
				  history and description of the applicant's business;
3. A detailed description of the proposed
				  project, including the location and type of activity which the business will be
				  engaged in at the project site;
4.
				  A detailed breakdown of the total project cost indicating sources and uses of
				  any financial assistance for the project;
5. A complete schedule of all officers,
				  directors and stockholders owning 15 percent or more of the stock;
6. Annual financial statements for the two
				  most recent years, including the balance sheets, operating statements and
				  reconciliations of the source and application of funds;
7. A current interim statement, if the most
				  recent annual financial statement is more than six months old;
8. The estimate of eligible positions to be
				  created during the base years and thereafter;
9. An estimate of total withholdings to be
				  generated from these new positions;
10. A written certification by the chief
				  executive officer, or equivalent officer for North American operations,
				  stating:
i. The amount, date received and
				  provider of any grant received pursuant to State law, including the Business
				  Retention and Relocation Assistance Grant Program; and
ii. That the business applying for the
				  program is not in default with any other program administered by the State of
				  New Jersey, and that he or she has reviewed the application information
				  submitted and that the representations contained therein are
				  accurate;
11. If the
				  business is awaiting a grant award notification for any grant offered under
				  State law, the business shall submit a certification identifying the grant
				  provider and the anticipated amount and date of award;
12. Whether the business is located in
				  Planning Area 1 or 2 of the State's Development and Redevelopment
				  Plan;
13. Whether the business is
				  located in a brownfield site, defined as the first occupants of the site after
				  issuance of a new no-further action letter;
14. Whether the business is located in a
				  center designated by the State Planning Commission, or in a municipality with
				  an endorsed plan;
15. Whether 10
				  percent of the employees of the business receive a "qualified transportation
				  fringe" in a minimum amount of $ 30.00 pursuant to Title 26 of the United
				  States Internal Revenue Code Section 132(f)(1)(a) for transportation in a
				  commuter highway vehicle if such transportation is in connection with travel
				  between the employee's residence and place of employment or Section
				  132(f)(1)(b) for any transit pass, as such commuter highway vehicle and transit
				  pass are defined at Section 132(f) of the
				  Internal Revenue Code;
16. Whether
				  the business is located in an area designated by the locality as an "area in
				  need of redevelopment";
17. Whether
				  the project is linked with housing production or renovation (market or
				  affordable) utilizing at least 25 percent of the total buildable area of the
				  site;
18. Whether the business is
				  located within five miles of and is working cooperatively with a public or
				  nonprofit university on research and development;
19. Whether the business provides employee
				  health benefits under a group health plan as defined pursuant to section 14 at
				  P.L.
				  1997, c. 146
				  (N.J.S.A. 17B:27-54), a health
				  benefits plan as defined pursuant to section 1 at P.L. 1992, c. 162
				  (N.J.S.A. 17B:27A-17), or a policy
				  or contract of health insurance covering more than one person issued pursuant
				  to Article 2 of Title 17B of the New Jersey Statutes; and
20. For publicly traded businesses, a copy of
				  the businesses' form 10K; and
21.
				  Any additional information deemed necessary to evaluate a specific application
				  including, but not limited to, the certified annual statement required by
				  N.J.A.C. 19:31I-1.4(a), and the type and form of records required to be
				  submitted to the Director pursuant to
				  N.J.A.C.
				  18:35-7.1 through 7.8, as amended from time
				  to time by the Director pursuant to
				  N.J.S.A.
				  34:1B-137.