3.As used in this act, except as otherwise clearly required by the context: a. "Board" or "board of directors" means the directors of the corporation appointed pursuant to section 4 of this act.
b."Corporation" means the New Jersey Urban Development Corporation established pursuant to section 4 of this act.
c."Department" means the New Jersey Department of Commerce and Economic Development.
d."Director" means a director of the corporation.
e."Project" means a specific work or improvement, including lands, buildings, improvements, real and personal property or any interest therein, including lands under water, riparian rights, space rights and air rights, acquired, owned, constructed, reconstructed, rehabilitated or improved by the corporation or a subsidiary, or by any other person, f
Free access — add to your briefcase to read the full text and ask questions with AI
3. As used in this act, except as otherwise clearly required by the context: a. "Board" or "board of directors" means the directors of the corporation appointed pursuant to section 4 of this act. b. "Corporation" means the New Jersey Urban Development Corporation established pursuant to section 4 of this act. c. "Department" means the New Jersey Department of Commerce and Economic Development. d. "Director" means a director of the corporation. e. "Project" means a specific work or improvement, including lands, buildings, improvements, real and personal property or any interest therein, including lands under water, riparian rights, space rights and air rights, acquired, owned, constructed, reconstructed, rehabilitated or improved by the corporation or a subsidiary, or by any other person, firm or corporation under agreement with the corporation or subsidiary pursuant to the provisions of this act in a qualified municipality, and which falls within any of the following classifications: (1) "Industrial project"--a project designed and intended to provide facilities for manufacturing, industrial, commercial, wholesale, retail, warehousing, or research and development purposes, including but not limited to machinery and equipment deemed necessary for the operation thereof, when the board finds that there is a compelling public need to undertake such project and insufficient responsible interest by the private financial or development community to undertake the project without the corporation's assistance or involvement. (2) "Land-use improvement project"--a project for the clearance, replanning, reconstruction, rehabilitation, renewal, redevelopment, conservation, restoration or improvement of an area, in cooperation or under agreement with a qualified municipality which has designated the area blighted or in need of rehabilitation. (3) "Civil project"--a project designed and intended to provide facilities for educational, cultural, health, recreational, community or other civic purposes. (4) "Utility project"--a project designed and intended to provide facilities for provision of water, sewerage, solid waste disposal, transportation, utility or other public services necessary for the accommodation of a project of another classification undertaken pursuant to this act, but accommodation of needs greater than those of the other project may be encompassed. (5) "Mixed-use project"--a project consisting of housing development and commercial development, in which the prorated cost of the housing development is equivalent to no more than one-third of the cost of the total project. (6) "Multi-purpose project"--a project combining the purposes of two or more of the foregoing classifications. f. "Qualified municipality" means any municipality which at the time of the initiation of a project was eligible to receive State aid under P.L.1977, c.260 (C.52:27D-162 et seq.); or any municipality which in any year subsequent to the enactment of P.L.1978, c.14 (C.52:27D-178 et seq.) was eligible to receive State aid pursuant to that act; or any municipality which has: (1) a population of 15,000 or less, according to the most recent federal decennial census; (2) a population density of 5,000 or more per square mile; (3) 100 or more children enrolled in the Aid to Families with Dependent Children program, according to the data available to and utilized by the Director of the Division of Local Government Services in the Department of Community Affairs to determine eligibility for State aid under the provisions of P.L.1978, c.14 (C.52:27D-178 et seq.); (4) an equalized tax rate which exceeds the State equalized tax rate; and (5) an equalized valuation per capita which is less than the State equalized valuation per capita; or a municipality which has designated the corporation as its local redevelopment agency pursuant to subsection b.b. of section 6 of P.L.1985, c.227 (C.55:19-6). g. "Subsidiary" means a subsidiary corporation formed by the corporation pursuant to section 7 of this act. L.1985,c.227,s.3; amended 1991,c.228,s.1.