52:27D-489g Payment to developers from municipalities.
7. a. Up to the limits established in subsection b. of this section, and in accordance with a redevelopment incentive grant agreement, the municipality shall pay to the developer incremental eligible revenues directly realized from activities or business operations on the redevelopment project premises and may also pay eligible revenues derived from the project area.
b.Up to 75 percent of the incremental local revenues collected pursuant to subsection d. of section 11 of P.L.2009, c.90 (C.52:27D-489k) may be pledged towards the municipal portion, if any, of an incentive grant.
c.All administrative costs associated with the local incentive grant shall be assessed to the applicant and be retained by the municipality from its annual payments to the developer.
L.2009, c.90, s.7; amended 2010, c.10, s.7.
Section: Previous 52-27d-489 52-27d-489a 52-27d-489b 52-27d-489c 52-27d-489d 52-27d-489e 52-27d-489f 52-27d-489g 52-27d-489h 52-27d-489i 52-27d-489j 52-27d-489k 52-27d-489l 52-27d-489m 52-27d-489n Next
Last modified: October 11, 2016