FISCAL AND RESIDENT PROTECTIONS
In order to receive tax credits through the Brownfields Redevelopment Incentive, developers must be in good standing with the NJ Department of Labor, NJ Department of Treasury, and the NJ Department of Environmental Protection. The developer must also enter into a redevelopment agreement with the NJEDA and a memorandum of agreement or other oversight document with NJDEP. The municipality in which the project will take place must provide a letter of support.
Projects will also be required to meet minimum environmental standards and pay prevailing wages to construction workers through the completion of the redevelopment project. Projects that include retail and/or distribution centers may require labor harmony agreements. The NJEDA may recapture all or part of a tax credit award if the organization that received the credit does not remain in compliance with its commitments.