Application to Change Incentives, Alter Termination Date, and Make Technical Corrections

Section 524.230 Application to Change Incentives, Alter Termination Date, and Make Technical Corrections a)         Application to Expand, Limit, or Repeal Incentives 1)         Changing Incentives. An applicant shall apply on forms provided by the Department to expand, limit, or repeal the incentives provided in the ordinance and shall comply with the procedures described in Section 10-5.4 of the Act. 2)         Continuation of Incentives. Section 10-5.4(e) and (f) of the Act provide that all incentives and benefits previously offered shall continue for the original term of the zone for three groups: A)        Businesses in the River Edge Redevelopment Zone that are receiving benefits or incentives in the zone on the effective date of the amending ordinance; B)        Businesses in the zone or expansions that are proposed or under development on the effective date of the amending ordinance, if the business demonstrates that: i)          The proposed business development or expansion has been committed to locating or expanding in the zone; ii)         Substantial and binding financial obligations have been made towards the development of the River Edge Redevelopment; and iii)        Commitments have been made in reasonable reliance on the benefits and programs that were to have been applicable to the River Edge Redevelopment by reason of the zone, including, in the case of reduction in the term of a zone, the original term of the zone. 3)         Local Government Duties. With respect to businesses that are already receiving River Edge Redevelopment Zone benefits, the local government has the responsibility to attempt to inform eligible businesses through public notice or mailings and to take administrative steps necessary to assure compliance. 4)         Evidence of Financial Commitment. Evidence of commitment under subsection (a)(2)(B)(ii) shall include, but not be limited to: internal memoranda; purchase orders; construction plans and schematics; evidence of financial commitment from financial institutions and/or State, local or federal governments, and written contracts. Proposed business locations or expansions shall also demonstrate reliance on River Edge Redevelopment Zone benefits by applying for the incentives. b)         Application to Alter Termination Date 1)         Altering Termination Date. An applicant shall apply on forms provided by the Department to alter the termination date provided in the ordinance and shall comply with the procedures described in Section 10-5.4 of the Act. 2)         Reducing Duration of Zone. If the amendatory ordinance reduces the duration of the River Edge Redevelopment Zone, the "benefit entitlement" described in Section 10-5.4(e) and (f) of the Act and subsections (a)(2)(A) and (B) shall apply. c)         Application to Make Technical Corrections 1)         An applicant shall apply to the Department to make a technical correction in the ordinance, on forms provided by the Department, and shall comply with the procedures described in Section 10-5.4 of the Act. 2)         A "technical correction" shall mean a non-substantive change that corrects or clarifies the wording, terms, or conditions of a River Edge Redevelopment Zone. A technical correction is not one that affects any rights or privileges accorded to residents of the zone.