N.J. Stat. § 34:1B-335.6

3. a. (1) Prior to June 30, 2027, a developer seeking tax credits for a sports and entertainment project shall submit an application to the authority in the form and manner prescribed pursuant to sections 55 through 67 of P.L.2020, c.156 (C.34:1B-323 through C.34:1B-335), as amended and supplemented, except as otherwise provided in this section and section 4 of P.L.2025, c.399 (C.34:1B-335.7). (2) Notwithstanding any provision of law to the contrary, for the purposes of administering sections 1 through 4 of P.L.2025, c.399 (C.34:1B-335.4 through C.34:1B-335.7), a “sports and entertainment project,” as that term is defined in section 2 of P.L.2025, c.399 (C.34:1B-335.5), shall be considered a “redevelopment project,” as that term is used in sections 55 through 67 of P.L.2020, c.156 (C.34:1B-323 through C.34:1B-335), as amended and supplemented. b. (1) A sports and entertainment project may be completed in a maximum of five phases, and the developer shall enter into a sports and entertainment project phase agreement with the authority for each phase. (2) Notwithstanding the provision of any law to the contrary, a sports and entertainment project shall be completed, and the developer shall have completed its expenditure of eligible project costs, within six years of executing the incentive award agreement, except that the authority may, in its discretion, extend this deadline by up to one additional year. For a sports and entertainment project completed in phases, the final phase of the sports and entertainment project shall be completed, and the developer shall have completed its expenditure of eligible project costs, within 10 years of executing the incentive award agreement or the sports and entertainment phase agreement corresponding to the first phase of the sports and entertainment project, whichever was executed later. (3) Notwithstanding any other provision of law to the contrary, for a sports and entertainment project completed in phases, each phase shall have a separate eligibility period, and the developer shall contribute capital of no less than 20 percent of the project costs for each phase. After completing each phase, the developer shall submit a certification to the authority attesting that the phase is completed. If the authority approves the certification, the tax credit certificate allowed to the developer shall be increased by the tax credit amount corresponding to that phase. Notwithstanding the different eligibility periods for each phase, all conditions and requirements applicable during an eligibility period for any phase of the project, pursuant to sections 55 through 67 of P.L.2020, c.156 (C.34:1B-323 through C.34:1B-335), as amended and supplemented, except as otherwise provided in this section and section 4 of P.L.2025, c.399 (C.34:1B-335.6 and C.34:1B-335.7), shall apply to the entire sports and entertainment project until the end of the eligibility period for the last phase. c. (1) In lieu of the requirements of subsection c. of section 58 of P.L.2020, c.156 (C.34:1B-326), the authority shall review the project costs of a sports and entertainment project; evaluate and validate the project financing gap, as defined in section 2 of P.L.2025, c.399 (C.34:1B-335.5), estimated by the developer; and conduct a State fiscal impact analysis to ensure that the gross economic benefit of the sports and entertainment facility to the State over the duration of the commitment period is at least 150 percent of the overall public assistance provided to the sports and entertainment project. In determining the gross economic benefits of the sports and entertainment facility, the authority's consideration shall include, but not be limited to, the direct and indirect benefits to the State, including local taxes that may benefit the State, and may include induced benefits to the State, including benefits derived from construction
sistance provided to the sports and entertainment project. In determining the gross economic benefits of the sports and entertainment facility, the authority's consideration shall include, but not be limited to, the direct and indirect benefits to the State, including local taxes that may benefit the State, and may include induced benefits to the State, including benefits derived from construction. The determination shall include all such benefits to the State that result from the sports and entertainment facility over the duration of the commitment period. The authority shall assess the cost of these reviews to the applicant. A developer shall pay to the authority the full amount of the direct costs of an analysis concerning the developer's application for tax credits that a third party retained by the authority performs, if the authority deems such retention to be necessary. (2) In addition to the evaluation conducted pursuant to paragraph (1) of this subsection, the authority shall conduct an analysis of the developer's project financing gap, as defined in section 2 of P.L.2025, c.399 (C.34:1B-335.5), in lieu of determining whether the developer’s actual rate of return on investment exceeds the reasonable and appropriate rate of return on investment at the time of board approval, which analysis shall be conducted in accordance with the provisions of subsection c. of section 60 of P.L.2020, c.156 (C.34:1B-328), except as otherwise provided in this section and section 4 of P.L.2025, c.399 (C.34:1B-335.6 and 34:1B-335.7), or in the guidelines developed pursuant to subsection c. of section 4 of P.L.2025, c.399 ( 34:1B-335.7). d. In addition to the requirements of sections 55 through 67 of P.L.2020, c.156 (C.34:1B-323 through C.34:1B-335), as amended and supplemented, the developer of a sports and entertainment project shall enter into a workforce development agreement, except that a co-applicant may execute the workforce development agreement on behalf of the developer. The workforce development agreement shall include the provision of opportunities for workforce hiring, training, or apprenticeship, or other measures determined appropriate by the authority. e. (1) Notwithstanding the provisions of subsection f. of section 60 of P.L.2020, c.156 (C.34:1B-328) to the contrary, the developer of a sports and entertainment project shall enter into a community benefits agreement with the authority and the municipality in which the sports and entertainment project is located. The agreement shall include, at a minimum, requirements for training, employment, and youth development and free services to underserved communities in and around the community in which the sports and entertainment project is located. Prior to entering a community benefits agreement, the municipality in which the sports and entertainment project is located shall hold at least one previously advertised public hearing at which residents, community groups, and other stakeholders shall have an opportunity testify concerning the needs of the community that the agreement should address, and the minutes of the meeting shall be included in the resolution of the governing body of the municipality adopting the community benefits agreement. (2) The community benefits agreement shall provide for the creation of a community advisory committee to oversee the implementation of the agreement, monitor successes, ensure compliance with the terms of the agreement, and produce an annual public report. The community advisory committee created pursuant to this paragraph shall be comprised of representatives of diverse community groups and residents of the municipality in which the redevelopment project is located. (3) When the developer submits the annual report required pursuant to section 62 of P.L.2020, c.156 (C.34:1B-330) to the authority, the developer shall certify, under the penalty of perjury, that it is in compliance with the terms of the community benefits agreement
rised of representatives of diverse community groups and residents of the municipality in which the redevelopment project is located. (3) When the developer submits the annual report required pursuant to section 62 of P.L.2020, c.156 (C.34:1B-330) to the authority, the developer shall certify, under the penalty of perjury, that it is in compliance with the terms of the community benefits agreement. If the developer fails to provide the certification required pursuant to this paragraph, or the authority determines that the developer is not in compliance with the terms of the community benefits agreement based on a report from the community advisory committee pursuant to paragraph (2) of this subsection, the authority may rescind an award or recapture all or part of any tax credits awarded. f. (1) During the commitment period, each worker employed to perform construction work at the sports and entertainment facility shall be paid not less than the prevailing wage rate for the worker's craft or trade, as determined by the Commissioner of Labor and Workforce Development pursuant to P.L.1963, c.150 (C.34:11-56.25 et seq.) and P.L.2005, c.379 (C.34:11-56.58 et seq.). (2) During the commitment period, each worker employed to perform building services work at the sports and entertainment facility, whether pursuant to contract by the developer or a commercial tenant, commercial subtenant, or other commercial occupant, shall be paid not less than the prevailing wage rate for the worker's craft or trade, as determined by the Commissioner of Labor and Workforce Development pursuant to P.L.1963, c.150 (C.34:11-56.25 et seq.) and P.L.2005, c.379 (C.34:11-56.58 et seq.). (3) During the commitment period, all other requirements of sections 55 through 67 of P.L.2020, c.156 (C.34:1B-323 through C.34:1B-335), as amended and supplemented, that apply during the eligibility period of a redevelopment project shall apply to the sports and entertainment project during the entirety of the commitment period, except as otherwise provided in this section and section 4 of P.L.2025, c.399 (C.34:1B-335.6 and C.34:1B-335.7). g. Notwithstanding the provisions of paragraph (4) of subsection a. of section 57 of P.L. 2020, c.156 (C.34:1B-325) to the contrary, the developer of a sports and entertainment project may have undertaken construction at the sports and entertainment facility before the date of application for tax credits pursuant to P.L.2025, c.399 (C.34:1B-335.4 et al.), provided that, except for demolition and site remediation activities, the developer has not commenced any construction for the sports and entertainment project before such time. h. In addition to the requirements of sections 55 through 67 of P.L.2020, c.156 (C.34:1B-323 through C.34:1B-335), as amended and supplemented, a sports and entertainment project shall exceed the standards established by the authority in accordance with the green building manual prepared by the Commissioner of Community Affairs pursuant to section 1 of P.L.2007, c.132 (C.52:27D-130.6), regarding the use of renewable energy, energy-efficient technology, and non-renewable resources to reduce environmental degradation and encourage long-term cost reduction. The replacement or retrofitting of existing components and infrastructure at the sports and entertainment facility as part of the sports and entertainment project shall result in a material reduction, as determined by the authority in the guidelines developed pursuant to subsection c. of section 4 of P.L.2025, c.399 (C.34:1B-335.7), of the energy usage, greenhouse gas emissions, and co-pollutant emissions for the components and infrastructure replaced. i. Notwithstanding any provision of law, rule, or regulation to the contrary, any fees, including application fees, imposed by the authority for a sports and entertainment project shall be equal to the fees for a transformative project under the New Jersey Aspire Program. j
7), of the energy usage, greenhouse gas emissions, and co-pollutant emissions for the components and infrastructure replaced. i. Notwithstanding any provision of law, rule, or regulation to the contrary, any fees, including application fees, imposed by the authority for a sports and entertainment project shall be equal to the fees for a transformative project under the New Jersey Aspire Program. j. (1) Notwithstanding the provisions of subsection b. of section 61 of P.L.2020, c.156 (C.34:1B-329) to the contrary, the authority may allow a developer of a sports and entertainment project a tax credit in an amount not to exceed the lesser of: (a) 80 percent of the eligible project cost for the sports and entertainment project; or (b) $300,000,000. (2) For a sports and entertainment project that is completed in phases, the value of tax credits awarded for any single phase shall not exceed $95,000,000, provided that any eligible project costs, including the corresponding developer contributed capital, that could not be included in a phase due to the limitations of this paragraph may be included in a subsequent phase. L.2025, c.399, s.3.