N.J. Stat. § 34:1B-335.5

2. As used in sections 3 through 4 of P.L.2025, c.399 (C.34:1B-335.6 through C.34:1B-335.7), all terms shall have the same meanings as defined in section 55 of P.L.2020, c.156 (C.34:1B-323), except as follows: "Co-applicant" means an entity that: is exempt from federal taxation pursuant to section 501(c)(3) of the Internal Revenue Code of 1986, 26 U.S.C. s.501(c)(3), or is a governmental entity; contributes or contributed capital, real property, or services related to the project that directly affect and serve the tenants or customers of the tenants of the project; and enters into an agreement with the developer that specifies the co-applicant's participation in the redevelopment project. "Commitment period" means the period beginning with the commencement of the eligibility period of a sports and entertainment project, or for a sports and entertainment project completed in phases, beginning with the commencement of the phase in which more than 50 percent of the sports and entertainment project is completed, which period shall continue until the end of the period of time used for the gross economic benefit determined pursuant to subsection c. of section 3 of P.L.2025, c.399 (C.34:1B-335.6), and which period shall be evidenced by the submission of a copy of a lease for the property that, at a minimum, meets the duration of the commitment period. "Eligibility period" means the period not less than five years, as specified in an incentive award agreement, during which a developer may claim a tax credit under the program, provided that the developer of a phased sports and entertainment project may elect a separate eligibility period for each phase of no less than five years. "Project financing gap" means the part of the total project cost that remains to be financed after all other sources of capital have been accounted for, including, but not limited to, developer contributed capital, which shall not be less than 20 percent of the total project cost, and investor or financial entity capital or loans for which the developer, after making all good faith efforts to raise additional capital, certifies that additional capital cannot be raised from other sources based on incremental revenue generated at the facility by the sports and entertainment project on a non-recourse basis on market terms. "Sports and entertainment facility" means a facility that is an arena that: is used primarily for live sports or entertainment performances, games, contests, or other events; has a seating capacity of at least 15,000 individuals; and has been operating for at least 15 years in a city of the first class, as classified under N.J.S.40A:6-4, that contains an international airport. "Sports and entertainment project" means a project with a project cost of at least $50,000,000, which project consists of the renovation of a sports and entertainment facility, whether publicly or privately owned or operated. "Sports and entertainment project phase agreement" means a sub-agreement of the incentive award agreement that governs the timing, capital investment, and other applicable details of each respective phase of a phased sports and entertainment project. "Workforce development agreement" means a contractual relationship, as approved by the authority, over the term of the commitment period, which may be renewed annually, between a developer and a New Jersey-based: public or private university or college; public or private high school; workforce development organization; vocational or technical school or institution; labor organization, business, employer association, or nonprofit organization that provides workforce training, apprenticeship, and career development services; entities or consortia consisting of any of the aforementioned entities that develop and deliver workforce training programs; or any combination thereof. L.2025, c.399, s.2.