New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31Y - HISTORIC PROPERTY REINVESTMENT PROGRAM › Subchapter 1 - HISTORIC PROPERTY REINVESTMENT PROGRAM › Section 19:31Y-1.4 - Application submission requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each application to the Authority made by
				  a business entity shall include the following information in an application
				  format prescribed by the Authority:
1. The
				  name of the business entity;
2.
				  Historic name(s) of property as used in all applicable historic designations
				  and the address of the property;
3.
				  The contact information of the person identified as the primary contact for the
				  business entity;
4. The address of
				  the business entity and prospective future address of the business entity (if
				  different);
5. Organizational
				  structure of the business entity;
6. The New Jersey tax identification
				  number;
7. The Federal tax
				  identification number;
8. Name of
				  historic architect or architectural historian consultant for the rehabilitation
				  project. The historic architect or architectural historian shall meet
				  professional qualifications for historic architecture or architectural history
				  in the archeology and historic preservation standards;
9. The total projected number of construction
				  employees and permanent employees at the rehabilitation project;
10. A narrative description of the
				  rehabilitation project, including a breakdown of uses and related square
				  footage;
11. A narrative explaining
				  the level of experience and qualifications of the business entity and/or
				  project team demonstrating sufficient expertise to complete the rehabilitation
				  project, including, but not limited to, examples of successful completion of
				  projects of similar size and scope;
12. A narrative description of the
				  rehabilitation project approach, including, but not limited to, information
				  regarding proposed methods for protecting historic features and fabric and for
				  addressing unforeseen issues that may be discovered during construction. For
				  rehabilitation projects that will include ground disturbance, the project
				  approach shall also include information explaining the project approach to
				  archeology within the site of the rehabilitation project, which must address
				  known archaeological resources and any potential archeology discovered during
				  the course of the rehabilitation project. A proposed approach to archeology
				  shall be prepared by, or in consultation with, a professional meeting the
				  professional qualifications for archeology in the archeology and historic
				  preservation standards;
13.
				  Construction cost estimate for the rehabilitation project, including, but not
				  limited to, all construction costs associated with the rehabilitation project.
				  The estimate shall include the final estimate of the total cost of
				  rehabilitation and the cost of rehabilitation;
14. Information regarding the historic
				  significance and current condition of the qualified property or transformative
				  property, including but not limited to:
i.
				  Information of any historic designations (with designation dates);
ii. A narrative description highlighting the
				  specific historic significance of the qualified property or transformative
				  property (including eligibility criteria for any historic designations
				  received); and
iii. Photographs
				  showing all exterior building facades, significant and representative interior
				  spaces, and examples of significant historic fabric being proposed for repair
				  and/or removal as part of the rehabilitation project;
15. A narrative description of the historic
				  connection/significance of the property within the local community and
				  information on how the proposed rehabilitation project will have a positive
				  impact on the surrounding neighborhood;
16. A narrative description of any existing
				  or potential threats to the property due to physical condition, encroachment,
				  or other factors, including, but not limited to, supporting
				  documentation;
17. Full set of
				  construction documents, including drawings and specifications. Documents shall
				  include details showing treatment of exterior and interior historic fabric
				  throughout the building. All plans and specifications shall be prepared by, or
				  in consultation with, a professional meeting the professional qualifications
				  for architectural history or historic architecture in the archeology and
				  historic preservation standards;
18. A narrative explaining how the
				  rehabilitation project will address requirements and compliance with the
				  Secretary of the Interior's Standards for Rehabilitation,
				  36 CFR
				  67.7. Information shall include, but not be
				  limited to, detailed specific proposed treatment for interior and exterior
				  historic fabric, materials, and spaces throughout the property;
19. A copy of a market and/or feasibility
				  study for the proposed use of the property by an independent third party, which
				  shall include their position regarding the marketability and underwriting of
				  the revenue and expense components of the property for the duration of the
				  commitment period;
20. Selected
				  rehabilitation period and anticipated construction schedule showing
				  rehabilitation project milestones and proposed phases;
21. Financial information of the
				  rehabilitation project, which shall include all phases, including, but not
				  limited to, any State or local financial assistance for the project, proposed
				  terms of financing, projected reasonable and appropriate return on investment
				  based on the business entity's equity, net margin, and cash-on-cash yield, and
				  a certification from the chief executive officer, or equivalent officer of the
				  business entity, that additional capital cannot be raised from other sources on
				  a non-recourse basis after making all good faith efforts to raise additional
				  capital, and any other documentation demonstrating economic and commercial
				  viability pursuant to N.J.A.C. 19:31Y-1.3(a);
22. A list of all of the New Jersey
				  Department of Labor and Workforce Development, the Department of Environmental
				  Protection, and the Department of the Treasury permits and approvals or
				  obligations and responsibilities, with which the business entity is associated,
				  or in which the business entity has an interest. The list shall identify the
				  entity that applied for or received such permits and approvals or have such
				  obligations and responsibilities, such as by program interest numbers or
				  licensing numbers. The business entity shall also submit a written
				  certification by the chief executive officer, or equivalent officer of the
				  business entity, stating that the business entity applying for the program
				  satisfies the criteria at N.J.A.C. 19:31Y-1.6(d) to be in substantial good
				  standing with the Department of Labor and Workforce Development, the Department
				  of Environmental Protection, and the Department of the Treasury;
23. A certification by the chief executive
				  officer, or equivalent officer of the business entity, that the officer has
				  reviewed the application information submitted and that the representations
				  contained therein are accurate;
24.
				  A completed legal questionnaire disclosing all relevant legal matters in
				  accordance with the Authority debarment and disqualification rules at N.J.A.C.
				  19:30-2;
25. Submission of a tax
				  clearance certificate, pursuant to
				  P.L.
				  2007, c. 101
				  (N.J.S.A.
				  54:50-39);
26. A list of all the development subsidies,
				  as defined at
				  P.L.
				  2007, c. 200 (N.J.S.A
				  52:39-1), that the business entity is requesting or receiving, the name of the
				  granting body, the value of each development subsidy, and the aggregate value
				  of all development subsidies requested or received;
27. The status of control of the site of the
				  qualified property or transformative property, shown for each block and lot of
				  the site, as indicated on the local tax map. If the business entity has not
				  secured control of the site at time of application, the business entity must
				  demonstrate an agreement with the current owner of the site, including, but not
				  limited to, a right of entry or a letter of intent to purchase the
				  site;
28. A list and status of all
				  required local, State, and Federal government permits and local planning and
				  zoning board approvals that have been issued for the redevelopment project, or
				  will be required to be issued, pending resolution of financing;
29. The adjusted basis of the structure of
				  the qualified property or transformative property used for Federal income tax
				  purposes as of the date of application and as of the anticipated beginning of
				  the business entity's selected rehabilitation period;
30. In addition to the information at (a)1
				  through 29 above, the business entity must demonstrate the following for a
				  transformative project:
i. That the
				  transformative project will generate substantial increases in State revenues
				  through the creation of increased business activity within the surrounding
				  area;
ii. Historic name of the
				  property and date of historic designations required in the definition of
				  "transformative property"; and
iii.
				  That the transformative property is located within a city of the first class
				  and within a half mile of the center of a transit village, or
				  government-restricted municipality by providing a map showing project site
				  location; and
31. Any
				  other necessary and relevant information as determined by the Authority for a
				  specific application, including, but not limited to, information needed to
				  complete project financial review and business entity
				  capacity.