New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31V - ASPIRE PROGRAM RULES › Subchapter 1 - ASPIRE › Section 19:31V-1.8 - Approval letter; incentive award agreement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Upon receipt of a recommendation from the
				  Authority staff on the redevelopment project, the Board shall determine whether
				  or not to approve the application, the maximum amount of tax credits, and the
				  maximum percentage amount of allowed tax credits for its capital investment in
				  a redevelopment project, and promptly notify the applicant, any co-applicant,
				  and the Director of the Division of Taxation of the determination.
1. The Board's award of the tax credits will
				  be subject to conditions subsequent that must be met in order to retain the
				  credits. An approval letter setting forth the conditions subsequent will be
				  sent to the applicant and any co-applicant. Such conditions shall include, but
				  not be limited to, the requirement that the project complies with the
				  Authority's prevailing wage requirements,
				  P.L.
				  2007, c. 245
				  (N.J.S.A.
				  34:1B-5.1) and affirmative action
				  requirements, P.L. 1979, c. 303 (N.J.S.A. 34:1B-5.4),
				  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, and the requirement that the minimum environmental and
				  sustainability standards are incorporated into the proposed project. The
				  approval letter shall also provide the requirements necessary for the Authority
				  to execute the incentive award agreement.
2. The approval letter shall require
				  documentation evidencing project financing and planning approvals, including
				  the submittal of executed financing commitments, documents that evidence site
				  control by the developer or an affiliate of the developer, a copy of the site
				  plan approval, and a copy of all required permits and planning and zoning
				  approvals and permits. If a developer is applying as a major cultural
				  institution or to undertake a redevelopment project in which the proposed major
				  cultural institution has an ownership interest, and the developer applied on
				  the basis of contributions and grants, the approval letter shall also require
				  submittal of executed grant and contribution agreements. If the Authority
				  approval included a co-applicant, the required documents shall also include the
				  executed participation agreement between the co-applicant and the developer
				  with a term that extends for the duration of the eligibility period. Absent
				  extenuating circumstances or the Authority's determination, in its sole
				  discretion, the Authority's approval of the tax credits shall expire if the
				  developer or co-applicant, as applicable, does not submit the documentation
				  required in this paragraph within a year after approval of the
				  application.
3. If the terms of the
				  financial commitment in the evidence required by the approval letter are
				  materially different from the projected terms in the application, the Authority
				  may re-evaluate the project financing gap and reduce the size of the incentive
				  award, accordingly.
4. The approval
				  letter shall provide an estimated date of completion and include a requirement
				  for periodic progress reports. If the Authority does not receive a progress
				  report when required, or if the progress report demonstrates unsatisfactory
				  progress, then the Authority, upon consultation with the Agency, and if the
				  Agency has provided financial assistance or awarded tax credits to the
				  redevelopment project, may rescind the incentive award. If the Authority
				  rescinds an incentive award in the same calendar year in which the Authority
				  approved the incentive award, then the Authority may allocate the unused tax
				  credits to another applicant.