N.J. Stat. § 34:1B-271
As used in sections 2 through 8 of P.L. 2020, c. 156 (C.34:1B-270 through C.34:1B-276):
"Authority" means the New Jersey Economic Development Authority established pursuant to section 4 of P.L.1974, c.80 (C.34:1B-4).
"Board" means the Board of the New Jersey Economic Development Authority, established pursuant to section 4 of P.L.1974, c.80 (C.34:1B-4).
"Building services" means any cleaning or routine building maintenance work, including, but not limited to, sweeping, vacuuming, floor cleaning, cleaning of rest rooms, collecting refuse or trash, window cleaning, securing, patrolling, or other work in connection with the care or securing of an existing building, including services typically provided by a door-attendant or concierge. "Building services" shall not include any skilled maintenance work, professional services, or other public work for which a contractor is required to pay the "prevailing wage" as defined in section 2 of P.L.1963, c.150 (C.34:11-56.26).
"Cost of rehabilitation" means the consideration given, valued in money, whether given in money or otherwise, for the materials and services which constitute the rehabilitation and includes all costs associated with the structural components within a qualified property or transformative property and any soft costs associated with a rehabilitation project, except not including any costs associated with an increase in total building volume.
"Cost of facade rehabilitation" means the consideration given, valued in money, whether given in money or otherwise, for the materials and services which constitute the facade rehabilitation project, including all costs associated with necessary work to address structural components embedded within exterior walls, repair, reconstruction, or replacement of masonry units and mortar, exterior siding fabric, doors, windows, exterior lighting fixtures, and decorative components, such as metalwork, terracotta units, and cast stone, except not including any costs associated with demolition or interior construction.
"Director" means the Director of the Division of Taxation in the Department of the Treasury.
"Exterior building features" include, but shall not be limited to, structural components embedded within exterior walls, masonry units and mortar, exterior siding fabric, doors, windows, exterior lighting fixtures, and decorative components, such as metalwork, terracotta units, and cast stone.
"Facade rehabilitation project" means a project consisting of the repair or reconstruction of exterior building features which constitute the facades of a qualified property or transformative property while preserving the portions or features of the property that have significant historical, architectural, and cultural values.
"Government-restricted municipality" means a municipality in this State with a municipal revitalization index distress score of at least 75, that met the criteria for designation as an urban aid municipality in the 2019 State fiscal year, and that, on the effective date of P.L. 2020, c. 156 (C.34:1B-269 et al.), is subject to financial restrictions imposed pursuant to the "Municipal Stabilization and Recovery Act," P.L. 2016, c. 4 (C.52:27BBBB-1 et seq.), or is restricted in its ability to levy property taxes on property in that municipality as a result of the State of New Jersey owning or controlling property representing at least 25 percent of the total land area of the municipality or as a result of the federal government of the United States owning or controlling at least 50 acres of the total land area of the municipality, which is dedicated as a national natural landmark.
"Income producing property" means a structure or site that is used in a trade or business or to produce rental income.
"New Jersey S corporation" means the same as the term is defined in section 12 of P.L.1993, c.173 (C.54A:5-10).
"Officer" means the State Historic Preservation Officer or the official within the State designated by the Governor or by statute in accordance with the provisions of chapter 3023 of Title 54, United States Code (54 U.S.C. s. 302301 et seq.), to act as liaison for the purpose of administering historic preservation programs in the State.
"Partnership" means an entity classified as a partnership for federal income tax purposes.
"Project financing gap" means the part of the total cost of rehabilitation, including reasonable and appropriate return on investment, that remains to be financed after all other sources of capital have been accounted for, including, but not limited to, developer contributed capital, which shall not be less than 20 percent of the total cost of rehabilitation, and investor or financial entity capital or loans for which the developer, after making all good faith efforts to raise additional capital, certifies that additional capital cannot be raised from other sources; provided, however, that for a redevelopment project located in a government-restricted municipality, the developer contributed capital shall not be less than 10 percent of the cost of rehabilitation. Developer contributed capital may consist of cash, deferred development fees, costs for project feasibility incurred within the 12 months prior to application, property value less any mortgages when the developer owns the project site, and any other investment by the developer in the project deemed acceptable by the authority, as provided by regulations promulgated by the authority. Property value shall be valued at the lesser of either:
"Qualified incentive tract" means:
"Qualified property" means a property, including structures, site improvements, and landscape features, assessed as real property that is used for a commercial purpose, a residential rental purpose, provided the structure contains at least four dwelling units, or any combination thereof; that is located in the State of New Jersey; that is income producing; and that is:
"Rehabilitation" means the repair or reconstruction of the exterior or interior, including, but not limited to, structural or substrate components and electrical, plumbing, and heating components, of a qualified property or transformative project to make an efficient contemporary use possible while preserving the portions or features of the property that have significant historical, architectural, and cultural values.
"Selected rehabilitation period" means a period of 36 months if the beginning of such period is chosen by the business entity during which, or parts of which, a rehabilitation is occurring, or a period of 60 months if a rehabilitation is reasonably expected to be completed in distinct phases set forth in written architectural plans and specifications completed before or during the physical work on the rehabilitation.
"Structural components" means the same as that term is defined in 26 C.F.R. s. 1.48-1.
"Total cost of rehabilitation" means any costs incurred for, and in connection with, the rehabilitation project by the business entity and any affiliate of the business entity until the issuance of a permanent certificate of occupancy, or upon such other event evidencing project completion as set forth in the rehabilitation agreement, and includes, but is not limited to, project costs, soft costs, and cost of acquisition of land and buildings.
"Total cost of facade rehabilitation project" means any costs incurred for, and in connection with, the facade rehabilitation project by the business entity and any affiliate of the business entity until the issuance of a permanent certificate of occupancy, or upon such other event evidencing project completion as set forth in the rehabilitation agreement, and includes, but is not limited to, project costs, soft costs, and cost of acquisition of land and buildings.
"Transformative project" means a property that is:
N.J.S. § 34:1B-271