New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 30 - ADMINISTRATIVE RULES › Subchapter 6 - FEES › Section 19:30-6.4 - Bond post-closing fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The fees in
				  this section are due and payable upon closing of the bond amendment, approval
				  of change of ownership, or signing of modification consent, waiver, or similar
				  documents.
1. For refunding bonds issued to
				  refinance or change the terms of outstanding Authority bonds, an amount equal
				  to one-half of the closing fee (see 19:30-6.3(a) ) shall be charged.
				  Notwithstanding the foregoing, a single modification that does not involve a
				  new purchaser will be charged the fee required under (a)5 below.
2. For combination refunding and new money
				  bonds, an amount equal to one-half of the closing fee (see 19:30-6.3(a) ) shall
				  be charged on the refunding portion and the closing fee (see 19:30-6.3(a) )
				  shall be charged on the new money portion.
3. For change of ownership of 50 percent or
				  more of the project property or ownership interest in the borrower to an
				  unrelated entity, or to a related entity not previously approved by the
				  Authority for the project, a $ 1,500 fee shall be charged.
4. For change of ownership of the project
				  property or ownership interest in the borrower to a previously
				  Authority-approved related entity, or for the transfer of less than 50 percent
				  of the project property or ownership interest in the borrower to an unrelated
				  entity (excluding a limited partner, or a shareholder holding or about to hold
				  an ownership interest in the borrower of 10 percent or less), a $ 750.00 fee
				  shall be charged.
5. For changing
				  project location or description, or changing loan document provisions on
				  bond-financed projects, a $ 1,500 fee shall be charged.
6. For review and execution of a document or
				  the preparation of documents, or granting a consent or waiver related to an
				  Authority-assisted project, a fee of $ 250.00 shall be charged. For direct
				  loans, a standard documentation fee of $ 500.00 shall be charged except for
				  direct loans under the Small Business Fund or 34:1B-47 et seq., for which the
				  fee shall be $ 300.00; and for any negotiations pertaining to Authority
				  documentation, legal costs of the Authority shall be borne by the
				  borrower.
7. For executing (up to
				  10 bonds) or authorizing issuance of substitute bonds, a fee of $ 100.00 per
				  project, per occurrence shall be charged.
8. For modifying or restructuring payment
				  terms for a direct loan or loan guarantee project a fee of $ 1,000 shall be
				  charged.
9. For each request for
				  any administrative changes, additions, or modifications to the reimbursement
				  under the Brownfields and Contaminated Site Remediation Program, a
				  non-refundable fee of $ 2,500 shall be paid for projects with an approved
				  maximum aggregate reimbursement of $ 5,000,000 or less and a non-refundable fee
				  of $ 5,000 shall be paid for projects with an approved maximum aggregate
				  reimbursement in excess of $ 5,000,000; and for any major changes, additions,
				  or modifications to the reimbursement under Brownfields and Contaminated Site
				  Remediation Program, such as those requiring extensive staff time and Board
				  approval, a non-refundable fee of $ 7,500 shall be paid for projects with an
				  approved maximum aggregate reimbursement of $ 5,000,000 or less and a
				  non-refundable fee of $ 25,000 shall be paid for projects with an approved
				  maximum aggregate reimbursement in excess of $ 5,000,000.
10. For due diligence, including, but not
				  limited to, debarment/disqualification reviews, or other analyses by a
				  third-party retained by the Authority, if the Authority deems such retention to
				  be necessary, the full amount of direct costs shall be charged.