40:56-71.4 Loan purposes, application, requirements, review.
4. a. The downtown business improvement loan fund shall be used for the purpose of assisting municipalities that establish downtown business improvement zones in undertaking public improvements to the zones.
b.The municipality or district management corporation may submit a loan application to the Department of Community Affairs to borrow moneys from the fund to undertake a public improvement of the zone.
c.The loan application shall meet all of the requirements set forth in rules and regulations promulgated by the Commissioner of Community Affairs and shall include the following information:
(1)A description of the proposed improvement and how it relates to the special improvement district plan;
(2)An estimate of the total improvement costs;
(3)A statement of any other revenue sources to be used to finance the improvement;
(4)A statement of the time necessary to complete the improvement;
(5)A statement of the manner in which the proposed improvement furthers the purposes of the downtown business improvement zone ; and
(6)An analysis of the costs to be incurred and the benefits anticipated to be derived from the proposed public improvement.
d.In reviewing and approving applications for loans from the downtown business improvement loan fund, the Department of Community Affairs may require that the municipality or the district management corporation receiving the loan provide matching funds, in any percentage that may be deemed appropriate by the department, as a condition for the receipt of the loan.
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Last modified: October 11, 2016