New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31V - ASPIRE PROGRAM RULES › Subchapter 1 - ASPIRE › Section 19:31V-1.11 - Transformative projects

Current through Register Vol. 56, No. 14, July 15, 2024
(a) To be
				  eligible as a transformative project, the redevelopment project must satisfy
				  the following criteria:
1. Has a project
				  financing gap;
2. Has a total
				  project cost of at least $ 150,000,000;
3. Includes:
i. Two hundred thousand or more square feet
				  of new or substantially renovated industrial, commercial, or residential space
				  for a project located in a government-restricted municipality, exclusive of any
				  parking component;
ii. Two hundred
				  fifty thousand or more square feet of film production uses, exclusive of any
				  parking component;
iii. Three
				  hundred thousand or more square feet of new or substantially renovated
				  industrial, commercial, or residential space for a project located in an
				  enhanced area, exclusive of any parking component; or
iv. Five hundred thousand or more square feet
				  of new or substantially renovated industrial, commercial, or residential space
				  for any other project, exclusive of any parking component;
4. A commercial project is of special
				  economic importance and creates modern facilities that enhance the State's
				  competitiveness in attracting targeted industries by meeting the following
				  criteria:
i. Except for a redevelopment
				  project with 250,000 or more square feet of film production uses:
(1) Creates 500 new full-time jobs, which
				  shall be demonstrated by determining the anticipated employee occupancy based
				  on the regional averages for employment density for the type of use or uses at
				  the redevelopment project;
(2)
				  Involves the substantial renovation of a vacant commercial building;
				  or
(3) The project is located
				  entirely on land designated by the New Jersey Department of Environmental
				  Protection as a Brownfield Development Area pursuant to
				  N.J.S.A.
				  58:10B-25.1, and the project costs of the
				  redevelopment project includes or will include at least $ 15 million in
				  environmental remediation costs; and
ii. Provides opportunities to leverage
				  leadership in a high-priority targeted industry as demonstrated by factors
				  including, but not limited to, being undertaken by a developer that is making
				  an industry leading investment in a new technology or high-growth sub-industry
				  or catalyzing a new sub-industry or industry-cluster within the
				  State;
5. For residential
				  projects include one of the following:
i. The
				  construction of 700 or more newly constructed residential units; or
ii. Is a mixed-use residential project with
				  construction of 50,000 square feet or more of commercial space, exclusive of
				  any parking component, and includes one of the following:
(1) If the project is located in a
				  government-restricted municipality, and includes the construction of 200 or
				  more newly constructed residential units;
(2) If the project is located in an enhanced
				  area, and includes the construction of 300 or more newly constructed
				  residential units; or
(3) If the
				  project is not located in a government-restricted municipality or enhanced
				  area, and includes the construction of 400 or more newly constructed
				  residential units; and
6. Leverages the competitive economic
				  development advantages of the State's mass transit assets, higher education
				  assets, and other economic development assets, in attracting or retaining both
				  employers and skilled workers generally or in targeted industries by providing
				  employment or housing.