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Current as of January 01, 2024 | Updated by FindLaw Staff
The proposed preliminary revenue allocation plan shall include:
a. a certification by the municipal tax assessor of the property tax increment base of the district;
b. a statement of the revenues, if any, to be pledged to support bonds of the district, the percentage of such revenues to be so pledged, and a certification by the chief financial officer of the municipality of the revenue increment base for each of the pledged revenues other than the property tax revenue base. If the amount of any such revenue base cannot be certified, then the chief financial officer shall estimate the amount and describe the basis for preparing the estimate and the manner in which the revenue increment base will be determined after adoption of the plan;
c. a description of the proposed project or projects, an estimate of their cost, a proposed construction schedule, the projected amount of bonds to be issued and whether interest on such bonds is exempt from taxation for federal income tax purposes and the projected debt service on the bonds issued to finance the project;
d. a description of the development expected or planned within the district, including the identification of the developers, if any, other than the district agent or the municipality, and their contractual relationship, if any, with the district agent or the municipality;
e. an estimate of the taxable value of the assessed property within a district upon completion of the projects;
f. a projection of the amount of the pledged revenues during the period in which any bond will be outstanding;
g. a statement of whether or not the district agent intends to create a reserve for payment of project costs prior to the adoption of the final revenue allocation plan;
h. a statement of whether or not tax abatements or exemptions or special assessments are expected to be granted in the district; and
i. a fiscal impact statement for the taxing entities involved.
Cite this article: FindLaw.com - New Jersey Statutes Title 52. State Government, Departments and Officers 52 § 27D-463 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-52-state-government-departments-and-officers/nj-st-sect-52-27d-463/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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