5. a. The New Jersey Economic Development Authority, in consultation with the State Treasurer, shall establish an Economic Redevelopment and Growth Grant program for the purpose of encouraging redevelopment projects in qualifying economic redevelopment and growth grant incentive areas that do not qualify as such areas solely by virtue of being a transit village, through the provision of incentive grants to reimburse developers for certain project financing gap costs.

b. (1) A developer shall submit an application for a State incentive grant prior to July 1, 2019, except: (a) a developer of a qualified residential project or a mixed use parking project seeking an award of credits toward the funding of its incentive grant for a project restricted under category (viii) of subparagraph (b) of paragraph (3) of subsection b. of section 6 of P.L.2009, c.90 (C. 52:27D-489f) shall submit an incentive grant application prior to December 31, 2021; (b) a developer of a qualified residential project seeking an award of credits toward the funding of its incentive grant under subparagraph (g) of paragraph (3) of subsection b. of section 6 of P.L.2009, c.90 (C. 52:27D-489f) shall submit an incentive grant application prior to December 31, 2021; and (c) a developer of a commercial project seeking a State incentive grant under subparagraph (b) of paragraph (1) of subsection b. of section 6 of P.L.2009, c.90 (C. 52:27D-489f) shall submit an incentive grant application prior to December 31, 2021. A developer that submits an application for a State incentive grant shall indicate on the application whether it is also applying for a local incentive grant. Tax credits awarded to developers who apply after the effective date of P.L.2020, c.156 (C. 34:1B-269 et al.) under subparagraph (g) of paragraph (3) of subsection b. of section 6 of P.L.2009, c.90 (C. 52:27D-489f) shall not exceed $125,000,000. Incentive grants awarded to developers who apply after the effective date of P.L.2020, c.156 under subparagraph (b) of paragraph (1) of subsection b. of section 6 of P.L.2009, c.90 (C. 52:27D-489f) shall not exceed $75,000,000.

(2) When an applicant indicates it is also applying for a local incentive grant, the authority shall forward a copy of the application to the municipality wherein the redevelopment project is to be located for approval by municipal ordinance.

c. An application for a State incentive grant shall be reviewed and approved by the authority. The authority shall not approve an application for a State incentive grant unless the application was submitted prior to July 1, 2019, except: (1) the authority shall not approve an application for a State incentive grant by a developer of a qualified residential project or a mixed use parking project seeking an award of credits toward the funding of its incentive grant for a project restricted under category (viii) of subparagraph (b) of paragraph (3) of subsection b. of section 6 of P.L.2009, c.90 (C. 52:27D-489f) unless the application was submitted prior to December 31, 2021 and (2) the authority shall not approve an application for a State incentive grant by a developer under subparagraph (g) of paragraph (3) and subparagraph (b) of paragraph (1) of subsection b. of section 6 of P.L.2009, c.90 (C. 52:27D-489f) unless the application was submitted prior to December 31, 2021.

d. A developer shall not be required to purchase pinelands development credits under the “Pinelands Protection Act,” P.L.1979, c.111 (C. 13:18A-1 et seq.), the pinelands comprehensive management plan, or any other rule or regulation adopted pursuant to that act in connection with any approval or relief obtained related to a redevelopment project located in an aviation district on or after the effective date of P.L.2018, c.120, except if seeking to develop in permanently protected open space pursuant to the Pinelands Protection Act. The provisions of this subsection shall not apply to a developer of a qualified residential project.

L.2009, c.90, s.5; amended 2010, c.10, s.5; 2013, c.161, s.16; 2018, c.120, s.6; 2020, c.138, s.3; 2020, c.156, s.122; 2021, c.160, s.54.