New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31G - HAZARDOUS DISCHARGE SITE REMEDIATION FUND › Subchapter 1 - HAZARDOUS DISCHARGE SITE REMEDIATION FUND › Section 19:31G-1.9 - Application for financial assistance and grants

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Upon
				  determination of eligibility by the Department, the Department will notify the
				  Authority of the eligibility of the applicant, and the total amount of
				  remediation costs and the amount of remediation costs for which the applicant
				  is unable to establish a remediation funding source, if applicable.
(b) The Department shall forward the approved
				  application to the Authority for further processing. The Authority shall have
				  the discretion to request any additional information from the applicant and/or
				  from the Department which it deems necessary in order to complete its
				  evaluation of the application. An application shall be deemed to be complete at
				  such time as the Authority has received all required information in the
				  required form.
(c) The applicant
				  will be given priority for financial assistance and grants based on the date of
				  receipt by the Authority of a completed application, readiness to proceed with
				  the remediation, and availability of sufficient moneys in the Fund for the
				  purpose of the financial assistance or grant, subject to any priority given at
				  N.J.A.C. 19:31G-1.7 and credit approval by the Authority.
(d) If the application is determined by the
				  Authority to be incomplete, the applicant will have 30 days from receipt of
				  written notice of incompleteness to file any additional information required by
				  the Authority. Notwithstanding anything in this section to the contrary, in the
				  event the applicant submits the additional information in the required form
				  within the 30-day period, the application shall be deemed complete as of the
				  initial application submission date.
(e) If the applicant fails to file the
				  additional information within the 30-day period, the filing date for the
				  application shall be the date the additional information is received by the
				  Authority, for those applications relating to sites that are not within a
				  priority category enumerated at N.J.A.C. 19:31G-1.7.
(f) A completed application shall include, if
				  applicable, as determined by the Authority:
1.
				  A history and description of the applicant's business;
2. A description of the proposed project and
				  a detailed breakdown of the use of the loan or grant proceeds;
3. Where a public entity is applying for a
				  grant, either an adopted comprehensive plan for the development or
				  redevelopment of contaminated, or potentially contaminated real property, or
				  demonstration of commitment that the real property will be developed or
				  redeveloped within three years from the completion of the remediation, pursuant
				  to N.J.A.C. 19:31G-1.3;
4.
				  Demonstration of readiness to proceed with remediation, as required to be
				  prioritized for the ranking pursuant to N.J.A.C. 19:31G-1.7;
5. Annual financial statements for the three
				  most recent years, including the balance sheets, operating statements and
				  reconciliations of the source and application of funds, or, for an individual,
				  copies of tax returns for the three most recent years.
6. A current interim statement, if the most
				  recent annual financial statement is more than six months old;
7. Three years of projections, including the
				  balance sheets, operating statements, reconciliation of the source and
				  application of funds, and a detailing of the assumptions used in preparing the
				  projections;
8. A list of the
				  applicant's five largest customers, including the customer name, address,
				  telephone number, and contact person;
9. A list of the applicant's five largest
				  suppliers, including the supplier name, address, telephone number, and contact
				  person;
10. A schedule of all
				  officers, directors, and stockholders (owning 10 percent or more of the stock),
				  including resumes and signed, dated personal financial statements;
				  and
11. In the case of a loan
				  guarantee, a formal commitment letter from the lender providing the loan,
				  including the terms, conditions, collateral, and a statement of the requirement
				  for the Authority guarantee.