State Codes and Statutes

Statutes > New-jersey > Title-52 > Section-52-27d > 52-27d-48

52:27D-48.  Application for capital grant;  factors considered    (a) The commissioner may make, or contract to make, a State capital grant to  a municipality or to a local public agency to assist said municipality or local  public agency in carrying out one or more urban renewal projects.  Any municipality or local public agency desiring a State capital grant for an urban  renewal project may apply to the commissioner therefor;  provided, that the  application has been authorized by resolution of the governing body of the  municipality in which the project is or will be located;  and provided further,  that any such project has been determined by any department or agency of the  United States to be eligible for assistance therefrom for such project and the  municipality or the local public agency has executed a contract with any  department or agency of the United States for planning advances for such  project or has secured a letter from any department or agency of the United  States authorizing it to proceed with the project.  The municipality or local  public agency shall submit a copy of the plan for any urban renewal project for  which a State capital grant is sought and such other detailed information  concerning the project, including maps, data, plans, estimated costs, method of  financing and evidence of local approval, as the commissioner may require by  rules and regulations promulgated hereunder.

    (b) The commissioner shall review and evaluate all applications submitted to  him pursuant to subsection (a) of this section and shall establish such priorities for making grants pursuant to this act as shall give due regard to the following factors:

     (1) the degree to which the municipality needs urban renewal assistance, in  view of its financial condition, available financial resources, tax rate, debt  limit and other economic factors;

     (2) the extent of blight in the municipality and the extent to which the municipality has evidenced a readiness to utilize available resources to curtail the spread of blight and eliminate existing blighted areas and conditions;  and

     (3) the degree to which the urban renewal project for which a State capital  grant is sought will have a beneficial effect on the over-all economy and needs  of the area or region in which it is located or on other programs or policies  of this State.

     L.1967, c. 80, s. 5, eff. May 31, 1967.