N.J. Stat. § 34:1B-198

9. When an ordinance establishing or amending a district has passed first reading, it shall be submitted to the State Treasurer as an application, together with all included and incorporated certificates and documents and such additional documentation as the treasurer shall require. The treasurer shall approve the ordinance if it is determined that: a. the planned sports and entertainment facility is likely to be realized and would not likely be accomplished by private enterprise without the creation of the district and the financing of the proposed project or projects; b. the $20 million commitment of private investment is assured; c. the creation of the district will contribute to the economic development of the municipality; and d. the size of the proposed district, the financial needs in order to accomplish the project and the amount of the revenues anticipated to be raised from the discretionary taxes do not exceed the size and amount necessary to accomplish the purposes of the plan. L.2007, c.30,s.9.