|
General
Requirements
|
| 1. |
In
projects involving a private developer, a minimum 10% equity contribution
is required. |
| |
|
|
| 2. |
Projects
must be eligible pursuant to NJSA 5:12-144(f). Generally, the funds
should benefit the public at large and those of low and moderate income
in particular. Projects may be deemed eligible for CRDA financing
if the funds are used in the following ways: |
| |
a. |
to
further and promote the tourist industry through the creation or improvement
of recreation and entertainment facilities, including arts or cultural
centers, historic sites or landmarks, or sports centers; |
| |
b. |
to
house persons of low, moderate, median and middle income;
|
| |
c. |
for
structures, franchises, equipment and facilities for the operation
of public transportation; |
| |
d. |
for
convention halls and attendance projects such as offices, commercial
facilities, community service facilities, parking and hotel facilities,
or other facilities for the accommodation and entertainment of tourists
and visitors; |
| |
e. |
as
financing for buildings, structures and other property that will increase
opportunities in manufacturing, industrial, commercial, recreational,
retail and service enterprises that will induce or accelerate employment
opportunities, particularly for unemployed and underemployed persons |
| |
f. |
for
planning, developing or preservation of new and existing small businesses; |
| |
g. |
for
employment training and retraining, particularly for unemployed and
underemployed persons; |
| |
h. |
for
pressing social and economic needs of the residents such as schools,
supermarkets, commercial establishments, daycare centers, parks or
community service centers; |
| |
i. |
for
projects that are part of a comprehensive plan to improve blighted
or redevelopment areas. |
| |
|
| 3. |
CRDA
Loan Origination Fee: 2 points
Term - Flexible
Statutory Rate - 2/3 of applicable bond index plus 5% servicing fee
|
| 4. |
CRDA
Bond Rating Fee: $5,000 - $15,000 |
| 5. |
CRDA
Legal Fee: $5,000 - $30,000 |
| 6. |
CRDA
Construction Oversight, if required, up to $1,500
per month during construction, plus set up costs. |
