52:27D-489d - Establishment of local Economic Redevelopment and Growth Grant program
52:27D-489d Establishment of local Economic Redevelopment 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 and Growth Grant program for the purpose of encouraging redevelopment projects in that area through the provision of incentive grants to reimburse developers for all or a portion of the project financing gap for such projects. No local Economic Redevelopment and Growth Grant program shall take effect until the Local Finance Board approves the ordinance.
b.A developer that submits an application for a local incentive grant shall indicate on the application whether it is also applying for a State incentive grant. An application by a developer applying for a local incentive grant only shall not require approval by the authority. A municipal redeveloper may only apply for local incentive grants for the construction of: (1) infrastructure improvements in the public right-of-way, or (2) publicly owned facilities.
c.No local incentive grant shall be finally approved by a municipality until approved by the Local Finance Board.
d.In deciding whether or not to approve a local incentive grant agreement the Local Finance Board shall consider the following factors:
(1)the economic feasibility of the redevelopment project;
(2)the extent of economic and related social distress in the municipality and the area to be affected by the redevelopment project;
(3)the degree to which the redevelopment project will advance State, regional, and local development and planning strategies;
(4)the likelihood that the redevelopment project shall, upon completion, be capable of generating new tax revenue in an amount in excess of the amount necessary to reimburse the developer for project costs incurred as provided in the redevelopment incentive grant agreement;
(5)the relationship of the redevelopment project to a comprehensive local development strategy, including other major projects undertaken within the municipality;
(6)the need for the redevelopment incentive grant agreement to the viability of the redevelopment project;
(7)compliance with the provisions of P.L.2009, c.90 (C.52:27D-489a et al.); and
(8)the degree to which the redevelopment project enhances and promotes job creation and economic development.
L.2009, c.90, s.4; amended 2010, c.10, s.3.