Title 52, Title 52: STATE GOVERNMENT, DEPARTMENTS AND OFFICERS

52:27D-465. Written recommendations by board 17. a. The board may make written recommendations as to any aspect of the ordinance and the preliminary revenue allocation plan and any related fiscal matters of the municipality which in the opinion of the board shall be changed in or…

52:27D-466. No alteration of established district without amending ordinance 18. After adoption of the ordinance establishing a district there shall be no expansion or contraction of the boundaries of the district, the designation of the district agent, or the designation of the …

52:27D-467. Property tax increment base for altered districts 19. Whenever a district is expanded as permitted under section 18 of P.L.2001, c.310 (C.52:27D-466) the property tax increment base for any area added to the district shall be the aggregate taxable value of all propert…

52:27D-468. Powers, responsibilities of district agent 20. The district agent shall have the following powers and responsibilities to the extent so designated by ordinance: a. to make and enter into contracts or agreements with public agencies, nonprofit corporations or other sui…

52:27D-469. Eligible revenues 21. The plan may include one or more of the following eligible revenues if the municipality is otherwise authorized by law to collect such revenues: a. incremental payments in lieu of taxes, with respect to property located in the district, made purs…

52:27D-47. Definitions The following terms whenever used or referred to in this act have the following respective meanings, except in those instances where the context clearly indicates otherwise: (a) The term "act" shall mean this act, and amendments and supplements thereto, and…

52:27D-470. Adoption of final revenue allocation plan 22. Before pledging any revenues, issuing any bonds, incurring any obligations or guaranteeing the obligations of any other entity with respect to the project costs of any project, the district agent shall adopt a final revenu…

52:27D-471. Submissions of final revenue allocation plan 23. A final revenue allocation plan shall be submitted to the governing body of the municipality for approval by ordinance. When an ordinance embodying a final revenue allocation plan has been introduced in writing at a mee…

52:27D-472. Written recommendations by board 24. a. The board may make written recommendations as to any aspect of the plan and any related fiscal matters of the municipality or the district agent which, in the determination of the board, must be changed in order to effectuate th…

52:27D-473. Calculation of property tax increment 25. If the preliminary revenue allocation plan has designated the property tax increment as a pledged revenue, the property tax increment shall be calculated and paid to the revenue allocation fund or the bond trustee, as appropri…

52:27D-474. Deposit of pledged revenues 26. If the preliminary revenue allocation plan has designated any eligible revenues, in addition to or other than the property tax increment, as a pledged revenue, the other pledged revenues shall be deposited as provided in this section. a…

52:27D-475. Submission of operating budget 27. The district agent shall submit its operating budget for the district annually to the Director of the Division of Local Government Services in the Department of Community Affairs. If the district agent certifies that the budget is in…

52:27D-476. Revenue allocation fund for district 28. The district agent shall establish and maintain a special fund called the "(Name of district agent) Revenue Allocation Fund," and herein referred to as "district fund" or "fund." The fund shall be used by the district agent for…

52:27D-477. Payment of project costs; distribution of moneys 29. a. Prior to the adoption of a final revenue allocation plan, the district agent may draw money from the revenue allocation fund for purposes of paying all project costs incurred in connection with the development of…

52:27D-478. Termination, dissolution of district 30. Subject to the limitations contained in the "Revenue Allocation District Financing Act," sections 11 through 41 of P.L.2001, c.310 (C.52:27D-459 et seq.), each district shall remain in existence until obligations for any projec…

52:27D-479 Calculation of general tax rate. 31. a. In calculating the general tax rate levied each year, the aggregate amount of the ratable increments of the revenue allocation districts that have been pledged to bondholders or are otherwise required by the district agent for th…

52:27D-48. Application for capital grant; factors considered (a) The commissioner may make, or contract to make, a State capital grant to a municipality or to a local public agency to assist said municipality or local public agency in carrying out one or more urban renewal projec…

52:27D-480. Powers of district agent following adoption of ordinance 32. Upon approval of the resolution by the board and adoption of an ordinance approving or adopting: a. the final revenue allocation plan by the municipal governing body, or b. a determination regarding a partic…

52:27D-481. Issuance of bonds, notes 33. Bonds or notes of the district agent shall be authorized by a resolution or resolutions of the district agent and may be issued in one or more series and shall bear such dates, mature at such times, bear interest at such rates of interest …

52:27D-482. Bonds, notes considered general obligations 34. Each issue of bonds or notes of the district may, if it is determined by the district agent, be general obligations thereof payable out of any revenues, receipts or funds held by the district agent, subject only to any a…

52:27D-483. Guarantee of bonds 35. The municipal governing body may provide for the guarantee of any such bonds and may issue general obligation bonds to provide for the funding of such guarantee which shall be authorized pursuant to the provisions of the "Local Bond Law," N.J.S.…

52:27D-484. Power of district agent to secure payment 36. In any resolution of the district agent authorizing or relating to the issuance of any bonds or notes, the district agent, in order to secure the payment of the bonds or notes and in addition to its other powers, shall hav…

52:27D-485. Pledge of district agent valid, binding 37. Any pledge of revenues, receipts, moneys, funds, levies, sales agreements, service contracts or other property or instruments made by the district agent shall be valid and binding from the time when the pledge is made. The r…

52:27D-486. Immunity from personal liability 38. Neither the directors of the district agent nor any person executing bonds or notes issued pursuant to the "Revenue Allocation District Financing Act," P.L.2001, c.310 (C.52:27D-459 et seq.) shall be liable personally on the bonds …

52:27D-487. Establishment of reserves, funds, account 39. The district agent may establish such reserves, funds or account as may be, in its discretion, necessary or desirable to further the accomplishment of the purposes of the district agent or to comply with the provisions of …

52:27D-488. Bonds exempt from taxation 40. Bonds, notes or other obligations issued pursuant to the "Revenue Allocation District Financing Act," P.L.2001, c.310 (C.52:27D-459 et seq.) are for an essential public and governmental purpose, and the bonds, notes or other obligations,…

52:27D-489. Severability 41. If any section, part, phrase, or provision of the "Revenue Allocation District Financing Act," P.L.2001, c.310 (C.52:27D-459 et seq.) of the application thereof to any person, project or circumstances, be adjudged invalid by any court of competent jur…

52:27D-489a Short title. 1. This act shall be known and may be cited as the "New Jersey Economic Stimulus Act of 2009." L.2009, c.90, s.1.

52:27D-489b Findings, declarations relative to economic stimulus. 2. The Legislature finds and declares: a. The State of New Jersey is confronting a fiscal and economic crisis more severe than any experienced since the Great Depression. Counties and municipalities are likewise wi…

52:27D-489c Definitions relative to economic stimulus. 3. As used in sections 3 through 18 of P.L.2009, c.90 (C.52:27D-489c et al.): "Applicant" means a developer proposing to enter into a redevelopment incentive grant agreement. "Ancillary infrastructure project" means structure…

52:27D-489d Establishment of local Economic Development and Growth Grant program. 4. a. The governing body of a municipality wherein is located a qualifying economic redevelopment and growth grant incentive area may adopt an ordinance to establish a local Economic Redevelopment a…

52:27D-489e Economic Redevelopment and Growth Grant Program. 5. a. The New Jersey Economic Development Authority, in consultation with the State Treasurer, shall establish an Economic Redevelopment and Growth Grant program for the purpose of encouraging redevelopment projects in …

52:27D-489f Payment to developer from State. 6. a. Up to the limits established in subsection b. of this section and in accordance with a redevelopment incentive grant agreement, beginning upon the receipt of occupancy permits for any portion of the redevelopment project, or upon…

52:27D-489g Payment to developers from municipalities. 7. a. Up to the limits established in subsection b. of this section, and in accordance with a redevelopment incentive grant agreement, the municipality shall pay to the developer incremental eligible revenues directly realize…

52:27D-489h Incentive grant application form, procedures. 8. a. (1) The authority, in consultation with the State Treasurer, shall promulgate an incentive grant application form and procedure for the Economic Redevelopment and Growth Grant program. (2) (a) The Local Finance Board…

52:27D-489i Certain grant agreements permitted. 9. a. The authority is authorized to enter into a redevelopment incentive grant agreement with a developer for any redevelopment project located within a qualifying economic redevelopment and growth grant incentive area that does no…

52:27D-489i1 Provisions applied to mixed-used parking project. 3. Notwithstanding any provision of the "New Jersey Economic Stimulus Act of 2009," P.L.2009, c.90 (C.52:27D-489a et al.) to the contrary, the following provisions shall apply to a mixed-use parking project that is re…

52:27D-489j Assistance to developer to enhance credit. 10. The New Jersey Economic Development Authority, or any other State agency, may provide assistance to a developer in order to enhance its credit for the purpose of securing private project financing on more favorable terms.…

52:27D-489k Agreement between developer and municipality. 11. a. The governing body of a municipality is authorized to enter into a redevelopment incentive grant agreement with a developer, which shall not be effective until adopted by ordinance, for any redevelopment project loc…

52:27D-489k1 Short title. 1. Sections 1 through 11 of this act shall be known and may be cited as the "Economic Redevelopment and Growth Grant Bond Financing Act." L.2018, c.97, s.1.

52:27D-489k10 Powers of municipality relative to local improvements. 10. Any municipality may undertake, as a local improvement; the investigation, analysis, planning, monitoring, acquisition, removal, containment, remediation, construction, or improvement of any real property or…

52:27D-489k11 Municipality may undertake local improvements on behalf of a redeveloper. 11. Whenever a municipality issues bonds in accordance with sections 1 through 11 of P.L.2018, c.97 (C.52:27D-489k1 et seq.), or a municipality applies to an authority to issue bonds pursuant …

52:27D-489k2 Definitions. 2. As used in sections 1 through 11 of P.L.2018, c.97 (C.52:27D-489k1 et seq.): "Authority" means the New Jersey Economic Development Authority established pursuant to P.L.1974, c.80 (C.34:1B-1 et seq.), the New Jersey Redevelopment Authority established…

52:27D-489k3 Issuance of bonds by municipality. 3. a. In connection with any economic redevelopment and growth grant project, the municipality in which the project is located may issue bonds itself in the manner provided for herein or pursuant to the "Local Redevelopment and Hous…

52:27D-489k4 Payments continuous lien. 4. a. If authorized by ordinance of a municipality adopted pursuant to subsection a. of section 3 of P.L.2018, c.97 (C.52:27D-489k3), payments required to be made in accordance with an incentive grant pledge entered into pursuant to sections…

52:27D-489k5 Incentive grant pledge may be secured by a mortgage. 5. a. In lieu of, or in addition to, the provisions of section 4 of P.L.2018, c.97 (C.52:27D-489k4), the municipality may provide in the agreement that the incentive grant pledge, if any, is to be secured by a mort…