New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31V - ASPIRE PROGRAM RULES › Subchapter 1 - ASPIRE › Section 19:31V-1.9 - Reporting requirements and annual report

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A developer approved for an incentive
				  award and that enters an incentive award agreement shall submit annually,
				  commencing in the year in which the incentive award is issued and for the
				  remainder of the eligibility period, a report indicating whether the developer
				  is aware of any condition, event, or act that would cause the developer or any
				  co-applicant not to be in compliance with the incentive award agreement or the
				  provisions of this subchapter and the Act and any additional reporting
				  requirements in the incentive award agreement or tax credit certificate. The
				  developer, or an authorized agent of the developer, shall certify that the
				  information provided pursuant to this subsection is true under the penalty of
				  perjury. The Authority may provide any information in the annual report to the
				  Agency for any redevelopment project if the Agency has provided financial
				  assistance or awarded tax credits to the redevelopment project.
(b) The annual report shall consist of:
1. A certification indicating whether or not
				  the developer is aware of any condition, event, or act that would cause the
				  developer or any co-applicant not to be in compliance with the approval, the
				  Act, the incentive award agreement, community benefits agreement pursuant to
				  N.J.S.A 34:1B-328.f and N.J.A.C. 19:31V-1.8(e) or this subchapter;
2. A certification indicating that the
				  project does not violate any environmental law requirements, including, but not
				  limited to, the Flood Hazard Area Control Act Rules, N.J.A.C. 7:13;
3. For the two years after the first
				  certificate of compliance is issued, evidence that the redevelopment project
				  remains in compliance with the Authority's affirmative action requirements
				  pursuant to N.J.A.C. 19:31V-1.14(a);
4. Evidence that the redevelopment project
				  remains in compliance with the Authority's prevailing wage requirements
				  pursuant to N.J.A.C. 19:31V-1.14(b) and (c);
5. A tax clearance certificate as described
				  at N.J.S.A. 54:50-39 for the
				  developer and any co-applicant;
6.
				  A certification from the developer that the project is still operating and that
				  the redevelopment project continues to meet the eligibility requirements on
				  site control, size, and uses, including, but not limited to, predominance of
				  commercial, residential, or film production uses, and a floor plan identifying
				  the actual uses and square foot of gross leasable area for each such use and,
				  if the redevelopment project comprises multiple buildings, a site plan. For a
				  redevelopment project with eligibility requirements on size or uses, including,
				  but not limited to, predominance of commercial, residential, or film production
				  uses, evidence that the project satisfies all such requirements. For a
				  redevelopment project in which any commercial tenant, commercial subtenant, or
				  other commercial occupant is the party to the contract to perform building
				  services work as set forth at N.J.A.C. 19:31V-1.3(a)9, the floor plan, or site
				  plan, shall identify all such tenants, the premise occupied by each such
				  tenant, and the size of the space occupied by such tenant;
7. For a commercial project, a list of all
				  tenants, the gross leasable area leased by each tenant, and whether the tenant
				  is operating its business at the premises leased by the tenant;
8. For a project with residential units, a
				  letter from the Agency to the developer with copy to the Authority confirming
				  compliance with the affordability controls;
9. A list of tenant information for all
				  residential units;
10. Annual
				  financial statement, as certified by a certified public accountant and
				  accompanied by an unqualified opinion, reporting the project's financial
				  performance, and, for the annual report for the seventh and last year, updated
				  project
pro forma
and all other information required by the
				  Authority to evaluate the actual reasonable and appropriate rate of return on
				  investment;
11. If applicable, a
				  certification indicating compliance with the community benefits agreement or
				  redevelopment agreement provisions required pursuant to
				  N.J.S.A.
				  34:1B-328.f and N.J.A.C.
				  19:31V-1.8(e);
12. If applicable,
				  satisfactory evidence that the developer complies with the labor harmony
				  agreement requirement pursuant to N.J.A.C. 19:31V-1.8(d);
13. For the first annual report, the
				  permanent certificate of occupancy covering the entire redevelopment
				  project;
14. If the Authority
				  approval included a co-applicant, a certification that the participation
				  agreement between the developer and the co-applicant remains in effect and is
				  not in default and that the co-applicant is making the contribution(s) required
				  pursuant to the participation agreement; and
15. In conducting its annual review, the
				  Authority may require a developer to submit any information determined by the
				  Authority to be necessary and relevant to its review.