4. The authority shall require an eligible business to enter into an incentive agreement prior to the issuance of tax credits. The incentive agreement shall include, but not be limited to, the following:

a. a detailed description of the proposed transformative corporate headquarters, including the phases for completion of the headquarters and the number of new full-time jobs that are approved for tax credits;

b. an incentive phase agreement which for each phase, identifies a description of the phase, the expected capital investment and number of new full-time jobs, and the time following acceptance of the incentive agreement when each phase is to begin and be completed, with the awarding of tax credits under the incentive agreement to be predicated on the number of full-time jobs created through the fulfillment of each incentive phase agreement;

c. the eligibility period of the tax credits for each phase, including the first year for which the tax credits may be claimed;

d. personnel information that will enable the authority to administer the program;

e. (1) a requirement that the applicant maintain each phase of the headquarters at a location in New Jersey for the commitment period and a provision to permit the authority to recapture all or part of any tax credits awarded, at its discretion, if the business does not remain in compliance with this provision for the required term according to the incentive phase agreement schedule required pursuant to subsection b. of this section;

(2) a provision which requires the applicant to complete a number of phases of the headquarters equal to 30,000 new full-time jobs and $3,000,000,000 in capital investment prior to the 20th year following authority approval of the incentive agreement and a provision setting forth the requirements pursuant to subsection c. of section 8 of P.L.2017, c.282 (C. 34:1B-263) in the event the headquarters fails to achieve the required employment level of new full-time jobs or capital investment by the 20th year of the incentive agreement;

(3) a provision that up to $25,000,000 of the tax credits awarded to the business may be sold annually, pursuant to subsection c. of section 7 of P.L.2017, c.282 (C. 34:1B-262), to a third party, provided that the maximum amount of tax credits the business may sell shall be $500,000,000, and that the proceeds from the sales of tax credit are used for providing public infrastructure;

(4) a provision that each phase shall have a minimum investment of $300,000,000 and that the first phase shall employ a minimum of 5,000 new full-time jobs; and

(5) in the instance of the business terminating an existing incentive agreement in order to participate in an incentive agreement authorized pursuant to P.L.2017, c.282 (C. 34:1B-256 et seq.), the permitted recapture may be calculated to recognize the period of time that the business was in compliance prior to termination.

f. a method for the business to certify that the business has met the employment and capital investment requirements of the program, pursuant to incentive phase agreements and the incentive agreement towards the headquarters completion and job creation schedule, and to report annually to the authority the number of new full-time employees against which the tax credits are to be made;

g. a provision permitting an audit of the payroll records of the business from time to time, as the authority deems necessary;

h. a provision which permits the authority to amend the agreement; and

i. a provision establishing the conditions under which the agreement may be terminated.

L.2017, c.282, s.4.