13:1E-116.3. Redevelopment agreement, negotiation

189 words·~1 min read·/nj/title-13/chapter-1e/13-1e-116-3

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

3. a. The provisions of any other law, or rule or regulation adopted pursuant thereto, to the contrary notwithstanding, any developer may enter into a redevelopment agreement with the State pursuant to the provisions of this section.

The Commissioner of the Department of Commerce and Economic Development in consultation with the State Treasurer shall negotiate the terms and conditions of any redevelopment agreement on behalf of the State.

b. In negotiating a redevelopment agreement with a developer, the commissioner 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 strategies;

(4)the likelihood that the redevelopment project shall upon completion be capable of repaying the closure and remediation costs incurred;

(5)the relationship of the redevelopment project to a comprehensive local development strategy, including other major projects undertaken within the municipality; and

(6)the degree to which the redevelopment project enhances and promotes job creation and economic development.

L.1996,c.124,s.3.