6. a. Prior to March 1, 2029, a cultural arts institution seeking a tax credit pursuant to the program that satisfies the eligibility criteria set forth in section 5 of P.L.2023, c.197 (C. 34:1B-387) shall submit an application to the authority in a form and manner prescribed in regulations adopted by the authority, in consultation with the New Jersey State Council on the Arts. The authority shall accept and certify applications for tax credits during the award rounds established pursuant to section 7 of P.L.2023, c.197 (C. 34:1B-389).

b. The authority shall not consider an application for a cultural arts project unless the cultural arts institution submits, with the application, a letter evidencing support for the cultural arts project from the chief executive or governing body of the municipality in which the cultural arts project is located.

c. The authority shall review the project costs for a proposed cultural arts project and evaluate and validate the underlying financial structure proposed by the cultural arts institution. The authority shall review an independent market study submitted to the authority by the cultural arts institution showing there is demand for a cultural arts institution facility at the proposed project site and that it is expected to be successful. The authority may procure third-party consultants to determine a project’s likelihood of success. The authority shall assess the cost of these reviews to the applicant. A cultural arts institution shall pay to the authority the full amount of the direct costs of an analysis concerning the cultural arts institution’s application for tax credits that a third party retained by the authority performs, if the authority deems such retention to be necessary.

d. If at any time during the eligibility period the authority determines that a cultural arts institution made a material misrepresentation on the program application, the cultural arts institution shall forfeit or repay to the authority the value of tax credits associated with that application.

L.2023, c.197, s.6.