§ 52:27D-489k2 — Definitions.

New Jersey § 52:27D-489k2

• Jurisdiction: New Jersey
• Title 52: STATE GOVERNMENT, DEPARTMENTS AND OFFICERS

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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 pursuant to section 4 of P.L.1996, c.62 (C.55:19-23), a county improvement authority established pursuant to P.L.1960, c.183 (C.40:37A-44 et seq.), or other instrumentality created by law of the State with the power to incur debt and issue bonds and other obligations. The issuance of debt in accordance herewith is hereby deemed an essential public, governmental, and corporate purpose of all such authorities. "Board" means the Local Finance Board established in the Division of Local Government Services in the Department of Community Affairs. "Bonds" mean bonds, notes, or other obligations issued by an authority or a municipality to finance or refinance economic redevelopment and growth grant projects, and in connection therewith, to finance or refinance any other cost or expense of an authority or a municipality pursuant to sections 1 through 11 of P.L.2018, c.97 (C.52:27D-489k1 et seq.), the "Local Redevelopment and Housing Law," P.L.1992, c.79 (C.40A:12A-1 et al.), or other applicable law. "Developer" means any person who enters or proposes to enter into a redevelopment incentive grant agreement pursuant to the provisions of section 9 of P.L.2009, c.90 (C.52:27D-489i), or its successors or assigns, including but not limited to a lender that completes an economic redevelopment and growth grant project, operates an economic redevelopment and growth grant project, or completes and operates an economic redevelopment and growth grant project. A developer also may be a municipal redeveloper as defined herein. "Economic redevelopment and growth grant project" means a project for which an incentive grant has been approved pursuant to section 4 or section 5 of P.L.2009, c.90 (C.52:27D-489d or C.52:27D-489e). "Incentive grant" means reimbursement of all or a portion of the project financing gap of an economic redevelopment and growth grant project through the State or a local Economic Redevelopment and Growth Grant program pursuant to section 4 or section 5 of P.L.2009, c. 90 (C.52:27D-489d or C.52:27D-489e). The amount of reimbursements for a State economic redevelopment and growth grant project is subject to appropriation by the Legislature and to availability of funds. "Incentive grant pledge" means an agreement that pledges a developer's right to collect incremental revenues from an incentive grant as repayment for bonds, which pledge may be part of a bond indenture or other agreement related to the issuance of the bonds. The pledge of a State incentive grant shall be made only upon notice to and consent of the New Jersey Economic Development Authority and the State Treasurer in accordance with section 9 of P.L.2009, c.90 (C.52:27D-489i). "Municipal redeveloper" means an applicant for a redevelopment incentive grant agreement, which applicant is: a. a municipal government, a municipal parking authority, or a redevelopment agency acting on behalf of a municipal government as defined in section 3 of P.L.1992, c.79 (C.40A:12A-3); or b. a developer of a mixed use parking project, provided that the parking component of the mixed use parking project is operated and maintained by a municipal parking authority for the term of any financial assistance granted pursuant to P.L.2015, c.69. "Municipality" means the municipal governing body or an entity acting on behalf of the municipality if permitted by the federal Internal Revenue Code of 1986, or, if a redevelopment agency or redevelopment entity is established in the municipality pursuant to P.L.1992, c.79 (C.40A:12A-1 et seq.) and the municipality so provides, the redevelopment agency or entity so established. "Redevelopment incentive grant agreement" means an agreement between: a. the State and the New Jersey Economic Development Authority and a developer; or b. a municipality and a developer, or a municipal ordinance authorizing a project to be undertaken by a municipal redeveloper, under which, in exchange for the proceeds of an incentive grant, the developer agrees to perform any work or undertaking necessary for an economic redevelopment and growth grant project, including the clearance, development or redevelopment, construction, or rehabilitation of any structure or improvement of commercial, industrial, residential, or public structures or improvements within a qualifying economic redevelopment and growth grant incentive area or a transit village. "Special assessment" means an assessment upon the lands or improvements on such lands, or both, on the real property benefitted by improvements undertaken pursuant to sections 1 through 11 of P.L.2018, c.97 (C.52:27D-489k1 et seq.) and assessed pursuant to chapter 56 of Title 40 of the Revised Statutes, R.S.40:56-1 et seq., except as otherwise provided in subsection b. of section 3 of P.L.2018, c.97 (C.52:27D-489k3). "State entity" means the New Jersey Sports and Exposition Authority established pursuant to P.L.1971, c.137 (C.5:10-1 et seq.) or any other entity created by State law which undertakes an economic redevelopment and growth grant project and which has the power to determine the location, type, and character of projects on land owned or controlled by it. L.2018, c.97, s.2.