Tim Lizura Former President and Chief Operating Officer of the Economic Development Authority MAY 2, 2019 PUBLIC HEARING OF THE NEW JERSEY TASK FORCE ON EDA TAX INCENTIVES Purpose of the Tax-Incentive Pro rams The Economic Opportunity Act {if 2013 prevides tax incentives tcir cempanies relccating te Camden. The ameunt ed: the incentives are based en the greater at the credit per newjeb er a credit against the capital investment made by an cvvner. The result is that occupants ma}.r be able te ebtain tax credits: greater than their lease cest cr 2) equal to or greater than the cast et a newly:r censtructed building ever ten years 2013 ECONOMIC OPPORTUNITY ACT The Economic Opportunity Act of 2013 brownies tax incentives tor companies relocating to Camden. The amount ot the incentives are based on the greater of the credit per new Job or a credit against the capital investment rnade by an owner. The result is that occupants may be able to obtain tax credits: 1) greaterthan their lease cost or 2) equal to or greater than the cost at a newly constructed building over ten years EXAMPLE: $45 berSF LEASE inmost) RSF INCENTIVE 312'? . . PERVEAR employee zsosr per 40:) Faves employee employees The total amount oi the tax incentive is paid annually over ?l 0 years and may fluctuate. - A NJEDA representatives available to consult mh prospects on determining the wine of their award REAL ESTATE IMPROVEMENT TAX 0 YEAR A NJEDA representative is available to consult with prospects on determining the tax abatement program. ?7 OWN 35+ Fullrt'm" M35 70-i- Fulletime Jobs. Full-time Jobs i50+ Full-time Jobs I 250+ Full-time Jobs I 10 YEAR 0 Maximum Tax Incentive iobs/capital investment 20 YEAR 100% REAL ESTATE TAX Change 1: Expanded de?nition of ?capital investmentaddition to the foregoing- in a Garden State lGrowth Eone. all of the following mav qualifv as a capital investment ant; and all redevelopment and relocation costs- including- but not limited to- engineering- legal- accounts E'ice? - - Kevin?heehan. gases PM required. relocation- inserted: Eture improvements for the proiect F'E'Wharf bulkhead .311- and off?site utilitv, road, pier, Tsharf.?bulkhead ?or slideu'all?t construction or rep air. 4 "Capital investment" in a quali?ed business facility means 5 expenses [11; a business or any af?liate of the business incurred a?er 6 application but before the end of the tenth year a?er, the effective date of P.L.2011, c.1419 (03413?242 et for m: 3 a. site acquisition. if purchased Within g'gpg fgp; months prior 9 to proiect application. site preparation and construction: repair, 10 renovation, improvement, equipping, or furnishing on real proper?ti; ll of a building, structure, facility, or improvement to real property; 12 [and] 13 b. obtaining and installing furnishings and machinery, l4 apparatus, or equipment includipg but not limited to material goods 15 subiect to bonus depreciation under sections 163 and 129 of the 16 federal Internal Revenue Code (26 U.S.C. 5.168 and 5.179} for the 1? operation of a business on real prpper_ty or in a building, structure, 18 facility, or improvement to real propertyg 19 c. beta. 20 In addition to the foregoing. in a Garden State Growth Zone. all 21 of the following mav qualifv as a capital investment ant and all 22 redes?elo-ment and relocation costs. including. but not limited to. 23 engineering. 24 required. relocation. environmental remediation. and infrastructure 25 improvements for the proiect area. including. but not limited to. on- 26 and off-site utilitv. 2? construction or re air. 28 In addition to the toregoing. ii a business acguires or leases a 29 Qualified business facilig. the capital investment made or acguired 30 by the seller or owner as the case may be if pertaining primarily to 31 the premises of the Qualified business facili? shall be considered a 32 ca ital investment the business and if ertainin enerall to the 33 ualified business facili bein ac uired or lease shall be allocated 34 to the premises of the quali?ed business facility on the basis of the 35 gross leasable area of the premises in relation to the total gross 36 leasable area in the quali?ed business facility. The capital 3? investment described herein maI include arm.r cg?l investment 33 made or acquired within m'entv four months prior to the date of 39 application so long as the amount of capital investment made or 4D acquired by the business ang af?liate of the business or an}: owner 41 after the date of application eguals at least 50 percent of the amount 42 of capital investment allocated to the premises of the gualified 43 business facili? being acguired or leased on the basis of the $055 leasable area of such premises in relation to the total gross leasable area in the quali?ed business facili? made or acguired prior to the Change 2: Expanded de?nition of ?capital investment? ACE for 913680 SIXGLETOX 4:1. [33de ll 12 "Capital investment" in a quali?ed business facility means a 1 Kevin AM application inserted' ?at: acquisition, a. site acg'luisition. 155;}; 1 site preparation and construction, repair expenses_ lusiness incurred a?er ear a?er, the effective or either: -1- renovation, improvement, equipping, or ?irnishing on real prop?r of a building, structure, facility, or improvement to real property; [andbusiness shall include an af?liate ofthe business ifthat business 2 applies for a credit based upon any capital investment made by or 3 full?time emplovees of an affiliate. 4 "Capital investment" in a qualified business faciliti-r means 5 expenses bv a business or any affiliate of the business incurred at trnnewm. 5J19f2 5 application but before the end of the tenth year after, the effect: if purchased withi :1 date ofP. L. 21111, c. 149 (13.34: 113? 242 et :11. 1] for e_ither: ?3 8 a. site 1i-t -- . ._11 9 . ~eprepa1ation and construction, repair, ll] renovation, improvement, equipping, or furnishing onreal property 11 of a building, structure, facility, or improvement to real property; 12 [and] 13 b. obtaining and installing furnishings and machinery, l4 apparatus, or equipment including but not limited to material goods 15 subject to bonus depreciation under sections 168 and of the 15 federal internal Revenue Code [26 ESE. 5.168 and s_l?91. for the operation of a business on real propeg' or in a building, structure, 18 facility, or improvement to real propertytier. 1'1 Lari. ., 1 28 [11 addition to the foregoing if a business acquires or leases a 29 quali?ed business faciligr, the capital investment made or acquired 30 bv the seller or owner. as the case mav be. if pertaining ptimaril to 31 the premises of the qualified business faciliti-r shall be considered a 32 capital investment bv the business and if pertaining generalli.r to the 33 quali?ed business facilitv being acquired or leased shall be allocated 34 to the premises of the qualified business facilitv on the basis of the 35 gross leasable area of the premises in relation to the total gross 35 leasable area in the quali?ed business facilitv. The capital investment described herein mav include anv cgpital investment 38 made or acquired . .. months gior to the date of 39 application so lone as the amount of capital investment made or 40 acquired bv the business. anv affiliate of the business or anv owner 41 after the date of application equals at least 50 percent of the amount 42 of capital investment. allocated to the premises of the qualified .11. 11.1 husiness facilitv being acmlired or leased on the basis of the. ornss 13 1:44:00 PM in nicr n, Dela 44 "Full-time employee" means a person; 43 a. who is employed by [the] business for consideration for at 46 least 35 hours a week, or who renders any other standard of sen-"ice 4? generally accepted by custom or practice as full-time employment, or 48 [a person] who is employed by a professional employer organization pursuant to an employee leasing agreement between the business and the professional employer organization, in accordance with 2 3 4 c250 et seq.) for at least 35 hours a wee}; or 3 6 8 Change 3: Tax credits for amden grocery stores who renders any other standard of service generally accepted by custom or practice as full-time employment, and whose wages are subject to withholding as provided in the "New Jersey.r Gross Income Tax Act," l-l et seq.._ or [an employee] 9 who is a resident of another State but whose income is not - ?10 subjecttothe "New Jersey Gross Income Tax Act," et an] 'Il?j I 31} that have hit-Ed. b1." ?far. if a labor KEVIN ?f14f2 D1 3 11:21:90 ll seq. or who is a partner ofa business who works forthe partnership 31 or its equivalent: inserted: 12 for at least 35 hours a week, or who renders any other standard of 3E 33 hours ofemplotrment per weal-r at a quali?ed business Whifh qualified forthe 13 Emmy ?new? by Frame a5. ?m'm . . . l4 employment, and whose distributive share of module gain, loss, or 33 shall constitute one ?full?time er_nplo1.ree." regardless of whet and Economlr RECWEW 15 deduction, on: whose guaranteed payments. or any mmbimHERA 16 thereof; is subject to the payment ofeshmated taxes, as proyided in 34 Df WEIE: It?? ?ne. at his: . the "New Jersey Gross Income Tax Act," et seq., and 3} For arr: pro1ect located 1:1 a Garden State {Brett-E1 zone which 18 who is wooded kw the bums-s with aaplmse health . . . . . . . ?19 benefits under a health bene?ts plan authorized pursuant to State or 3-5 uahfied for the Muntci al Rehabilitation and Economic Recot'e 20 federal law I 33" Act . or an" ro'ect located in the Atlantic City Tourism 21 With res Bet 130 a 10 Mice . . . 22 aviahinl' or maritime business excluding m'garil?y warehouse or 1 33 District as pursuant to section 3 cf P170 10. c.13 23 dimm?m 39 1.1-2 1 and resulated the Casino Remt'esttneut 2? . 23 the requirement that employee health bene?ts are to be provided 41} Development Authority- and mimic a retail facilir; of at iE?Sl 25 311311 be de?ned to be satis?ed if such Imam mided in 41 ssuare feet- of which at least 50%: is occupied but: either a 2? ?man? with indprovide such benefits meant to a collective bggaining agreement: 42 furl-service supermarket or erocen' store. the Authority shall arrest 29 gum-me mglg?em 511311 include. but be limited to 43 a standard of service senerall?; accented by custom or practice as fulltime employment 1:1 a supermarket- soccer; store- or lil-L-e retail 3. 011,30 my 01mmany projemmted in 33 shall constimte one ??ll-time inpl?g," reggdless of whether I To rism District as establis 34 not the hours ofworl: were performed c.13 33 For an? proiec: located in a Garden State G'Ic?i??h Zone whit reg JlatEd by the RE 36 Quali?ed for the Municipal Rehabilitation and Economic Recot'el E'UpmemAUth?jW 3? Act or any proiect located in the Atlantic City Tourism 38 District as estabiished pursuant to secticn of P.1.2EI1CI. c.13 39 {Gill-219?! and regulated hr the Casino Reinvestment 46 Development Authority. and tnciude a retail facilir; of at feast 41 150.000 sg_uare feet. at least 50% is occupied either a 42 fail?sen'ice supermarket or eroce?' store. the A'athcri?' shall accept 3 . 4 time employment in a supermarket. ercceiT stcre. or other like retail 3 Indus-Q2 Change 4: Automobile manufacturer headquarters ro'ect? means: a. a qualified husiness facility located in a port district hou?g a business in the loeistics. manufacturing. enera'y. defense. or maritime industries. either: {11 having a capital investment in excess of and at which more than 25.0 full?time employees of such business at created or retained or Kevin Sheehan. 2:17:00 PM inserted: ill at which we 1113-111 mi] full?time 3131111013135 Df?ll'lh or a qualifierl husiness facility locaterl in a priority area housing the United States headquarters and related facilities of an automobile manufacturer are created or retained: h. a qualified husiness facility located in an aviation distrir housing a business in the ariation industry. or a quali?ed busines facility located in a (35.1 .151: Stew: Esra. or a quelzfieo' husiness fe-zilzt'r it: cricrio.? ere-s. housizis Tinned Stat-es and related facilr:ies of ar. auctichile :1:e:1L::'actt::ei'. either: {11 having a capital ins'estment in excess of and at which more than 25.0 full?time employees of such business are created or retained or {21 at which more than full?time employees of such business are created or re?inedL"Incentive agreement? means the contract between the business 13" and the authority which sets forth the terms and conditions under 13 which the business shall be eligible to recei're the incentives 19 authorized Egsuant to the goggam. 2.0 ?Incentive effective data? means the date the authority issues a tax 2.1 credit based on documentation submitted by a business pursuant to 22. paragraph of subsection b. of section IS of (3.149 23 10341232421. 2.4 ?IL-Iaior rail station" means a railroad station located Within a 22' qualified incentive area which mtides access to the public to a 26 minimum of six rail assen er service lines erated the New Jerse'rr Transit Copporaticn. 23 ?Me ga project" means: 2.9 a. a qualified business facilitv located in a port district housinr-r 30 a business in the logistics, manufacturing, energy, defense, or 31 maritime industries either: 32 fl'] harms. a cm] investment in excess of $20.00?.?00. and at 33 which more than 250 full-time employees of such business at Kevin Sheehan.5f21f2013 2:12:12?) PM 34 created or retained or inserted: 33- (21 at which ME ?13-111 0'30 full?time 3153131017835 01.511311 131-131-1135 or a qualified husiness facility located in a 36 priority area housing the United States 3? a a qualified husiness emiss- located in an aviation asses hE?dEIU-itter? and rel?t?tlf?ti'iti?? Bf an 33 housing a business in the aviation industry. or a qualified husines automobile manufacturer 39 facilih; lnrated in a Gyixlex. Ga: Zsr-z :c a ouelfied. 40 boa-i: fact-.7." '.ccatec'. ir. a orici?irc liousizis :lie Faxed States 41 hearlcuartess and related Easiness cf ar. automobile :izeziufacturer, 43 [13 having a capital investment in excess of and at 44 which more than 230 full-time employees of such business are 42' created or retained or 46 at which more than 1 000 full?time employees business 43" are created or re?ned: or Change 5: Definition of ?transit oriented development? 2131'. 33 34 .- rJ incentive area and has been determined the authority to be in an area appropriate for development and in need of economi- trnnewm. EJ132013 PM inserted: dEL-El?me?t j?ce??rg assistance: or 'I-mile radius for project: located in .3 ?Transit oriented development? means a ouali?ed busines Garden State Growth facility located within a radius . . ., 5 .. surrounding the mid-point of ransit Corporation. Port Authority Transit Corporation. or Port Authority Trans?Hudson lCorporation rail. bus. a New Jersey or ferry station platform area. including all light rail stations- ?Urban transit hub? means an urban transit huh- as de?ned in section ll!) of (3-345 that is located within an eligible municipality. as defined in section lt'l of PLEDGE c-3445 and also located within a ouali?ed incentive area- (cf: s2} lost to another state or country. or eliminated. For the purposes of determining a number ofretained full-timejobs: the eligible positions of an affiliate shall be considered eligible positions ofthe business. district" means an EDA district as defined in section 3 of P.L.2IDUD. c.3"2 . municipality? means a municipality in which an EDA district is situate. ?Targeted industry? means any industry identi?ed from time to time the authori includin initially a trans citation manufacturing. defense. energ' logistics. life sciences. technolog}r health. and finance business, but excluding a m' aril}r warehouse or distribution business. ?Technology starrup company" means a for go?t business that has been in operation fewer than ?ve years and is develr_ip_i_ng or possesses a prom'etary technology or business method of a high- technology or life science-related goduc?t= process, or service which the business intends to move to commercialization. ?Tourism destination goject? means a Qualified business facility that will be among the most visited p_rii'ate1y owned or operated area approm'ate for develop?ent and in need of economi- develoment incentive assistance?; ?Transit oriented de'relopment? means a Quali?ed busines radius ., . . . - . surrounding the mid-point of a New Jersgy Transit Cgporation Port Authority Transit Co_rporation or Port Authority Trans?Hudson Corporation rail hus or ferry station latform area. includin all li trail stations. ?Urban transit hub? means an urban transit huh. as de?ned in section 10 of c345 {3.3413203 that is located within an eligible municipali?. as defined in section 10 of PLEUDL c346 and also located within a uali?ed incentive area. s2) trnnewm.5f12f20131:42:00 PM inserted: .cr 1-mile racliu: for project: locatecl in a Garden State Growth Zone, 8. Section 3 of c.149 is amended to read as follows: 3. a. The Grow New Jersey Assistance Program is hereby established as a program under the jurisdiction of the New Jersey Economic Dei'elopment Authority and shall be administered by the authority. The purpose of the program is to encourage economic development andjob creation and to presen'ejobs that currently exist in SEE but which are in danger ofbeing relocated outside of the State. To implement this purpose, [and to the extent that funding for the program is a'railable,] the program may provide tax credits to eligible businesses for an eligibility period not to exceed 10 years. Change 6: Increased tax credit which the capital 1nvestment in industrial premises for industrial use by the business is in excess of the minimum capital investment required for eligibilityr pursuant to subsection b. of section 3 of P.L.2011 c.149 an increase of 31 000 per vear for each additional amount of investment that exceeds the minimum amount required for eligibiligr by 20 percent with a maximum increase of $3.000 per year: (9) for a business with new full?time jobs and retained ?ill?time jobs at the proiect with an average salarv in excess of the existing average salai'i.r for the countv in which the proiect is located . . an increase of $250 per year during the commitment period for each 3 5 percent by which the proiect?s average salar'}r levels exceeds the coun_tv_ average sala?'. with a maximum increase of$l.500 per vear{10} for a business with large numbers of new full-time iobs and retained full?time jobs during the commitment period. the increases shall be in accordance with the following schedule: if the number of new full?time iobs and retained ?ill?time iobs is between 251 and 400. $500 per year: if the number of new ?ill?time jobs and retained hill?time jobs is between 401 and 600. $750 per year: if the number of new full?time iobs and retained ?ill?time jobs is between 601 and 300. $1000 per vear' if the number of new ?ill?time jobs and retained full?time jobs is between 301 and 1 0003 31,250 per year is: if the number of ic-ts is 2:1 escess cf 1.001. Kevin Sheehan. ?f13f2013 1":09:00 PM 10; for a business w1th large numbers of new full-time jobs and retained full?time jobs during the commitment period. the increases shall be in accordance with the following schedule: a if the number of new full?time 'obs and retained full?time obs is between 251 and 400. $500 per vear: tb! ifthe number ofnew full-time jobs and retained full-time jobs is between 401 and 600. $250 per year: if the number of new full?time 'obs and retained full?time obs is between 601 and 800. $1000 per year gd! ifthe number ofnew full-time jobs and retained full-time jobs is between 801 and 000 81250 per year fart-1113 of Fill-nu:- ion?: is 1:1 sec-:2: cf 1 Kevin Sheehan. 6f13f20 3 2:09:00 PM ifthe number of i: ir cess cf1_.000_. 51.500 peryear. u?r Deleted: EM time jobsia bah 45g Edie mm! Lad-"mum 1 ifthe number cf newfull-timejchs i5 ir iH.500 per year. (14) for a quali?ed business facilit?vr exceeding the Leadership in Energ?' and Environmental Design} ?Silver? rating standards an additional increase of $250 per year' and (15) for a mega project mect Carder. 3721-: Cir-32.113 zone at which the capital investment in industrial Eemises for industrial use by the business is in excess ofthe minimum capital investment required for eligibility.r pursuant to subsection b. of section 3 ofP.L.20ll. c.149 (03413?244) an increase of $1,000 per vear for each additional amount of investment that exceeds the minimum amount by 20 percent with. a maximum increase of S5 000 per Year .ofg ifthenulu iabstweenl 401 "111 ifthemiml: 601 ag?iliftba numb iainmess nfl. Default User Deleted: 'eallv unen i. 16': Ifor a proeei?i 1n ate-11:11 a business retains leasi 400 1053?s and is located within the municipalityr in which it was located immediateli,r prior to the ?ling of the application hereunder and is the United States hesrlmianers of an automobile manufacmrer an inciease of 31.500 per i ear. Change 7: Increased tax is; iesiiei's's? Ca "loucester, Ocean, and Salem Kevin Sheehan. 02'192'2013 0:43:00 PM commented: :ation Index greater than 455, credit light rail station an FUTURE GLOUCESTER LIGHT Pall 10 {18) for a proioc?t located within a half-mile of anti light rail station 11 constructed after the effective date of this ?act, 'an increase of $2,000 12 per year; I 13 [19) for a marine terminal proiect in a municipalitv located outside 14 the Garden State Growth Zone. but within the geographical l5 boundaries of the South Jersey: Port District. an increase of $1.500 . is 5 k1?) f? a l?cat?d ?1 *1 mulcmahw "1 A?a?nl 1? . I I ?10111: Est?f: and S?l?m 13 of redevelopment pursuant to sections 5 and IS of PL. 1992. c-79 ?ew? Shah-33:437? PM 19 and which is located within a quarter esiie of at least 3 commented- :ation Indeii greater than 465, . 20 one United States Hlflil?wa?f and at least two New Jerse?i,r State 9 i111 FUTUFLE GLOUCESTER LIGHT F?s-1 21 Highways. an increase of$1,500 per r'thi 10 [1 for a proiect located Within a half?mile of an? light rail station I 1. Dr ?ring: 3 Emma as so mam? [m 51 '3 ?use 23 the project, an increase of $1,500 per year. I ll constructed after the effective date of this act, an increase of $2,000 24 d- The siess amount of the tax credit for an business for 2 BI I 25 each new or retained full?time iob shall be the sum of the base amount i1 25 as pursuant to subsection b. of this section and the various additional 27" bonus amounts for which the business is eligible pursuant to EB subsection c. of this section. subiect to the following limitations: 29 for a mega proiect, the gross amount for each new or retained 30 full-time iob shall not exceed $15,000 per pear; Change 8: Increased taX credit marine terminal project Kevin Sheehan, 3 E?gm PM 1alffninle c-f light rail statrcn 11 cc cemmented: fthre act= an increase 12 13 fer amarine terminal preiect in?a municipalitv located euteide 14 the Garden State Ecne, but within the geegraphical 15 heundaries cf the Smith Jerse'r..lr Pent District, an increase cf 115 pervear;and] Evolution of the ?Material Factor? Requirement assist the authority in determining whether a proposed capital investment will yield a net positive bene?t, the business's chief executive officer, or equivalent of?cer, shall submit a certi?cation to the authority indicating that: [in any existing applicable. of new full?time jobs would not occur but for th Kevin Sheehan, 5f21f2013 5:31:00 PM provision of tax credits under the program; and. that th inserted: business's chief executive officer, or equivalent otficer, has review representations contained therein are accurate. .rovided liotvevei item ii": shal?; 110'. be required with respect to proieits in the Garden State that quali?ed as at: MRERA . _In the event] that this provided however, item Iii] shall not he required with respect to projects in the 1165 the information submitted to the authority and that th Garden gtatg .5th that quah?ed a: an I: . Kevin Deleted: Kevin Sher Deleted: g] ?iJl-time jobs 1 iteuin she: Deleted: he: he: . 1 Deleted: 36 To assist the authority in determining whether a proposed 37' capital investment will yield a net positive bene?t, the business's Kevin Sher 38 chief executive officer, or equivalent officer, shall submit a Dalmd: 39 certi?cate. .s. the. . assess: . asses . he: . .et. .. 1 40 ?JJl-n'mejohs 41 1 KevinSllet 42 - Deleted: . Kevin Sheehan.6f21!2013 5:31:00 PM he, 43 provismn of tax credits under the program; and. um that th inserted: . 44 business's chief executive officer, or equivalent officer, has reviewe Proi'ridEd lmwa?: item be requned respect to projects In the he: 45 the information submitted to the authority and that th Garden State Growth thatqua??ed 55 an 46 representations contained therein are accurate. ided lzowe're; MREPA 4? item shalL not be required with respect to pro-1,. ?3 :n the Garden . Dalmd: 48 Siate that qualified as at: MIREPJ. . _Intheeventl that 111.15? 1 certi?cation by the business's chief executive officer, or equivalent 2 of?cer, is found to be willfully false, the authority may revoke any 3 award of tax credits in their entirety, which revocation shall be in 4 addition to any other criminal or civil penalties that the business and 5 the officer may be subject to. 'When considering an application 6 involving intra?State job transfers, the authority shall require the 7 business to submit the following information as part of its 8 application: a full economic analysis of all locations under 9 consideration by the business; all lease agreements, ownership 10 documents, or substantially similar documentation for the business's 11 current in?State locations; and all lease agreements, ownership 12 documents, or substantially similar documentation for the potential 13 out?of?State location alternatives, to the extent they exist. Based on 14 this information, and any other information deemed relevant by the 15 authority, the authority shall independently verify and con?rm, by 16 way of making a factual finding by separate vote of the authority's 17' board, the business's assertion that the jobs are actually at risk of 18 leaving the State and as to the date or dates at which the authority 19 expects that those jobs would actually leave the State before a 20 business may be awarded any tax credits under this section. orovided 21 however. item I?i 2' shall not be recuired With :?espect_t_c_p_ Kevin Shea 22 Garden Siate Grout}: that qualified as an IRERA Denied: 23 [c.l A project that consists solely of point?of??nal?purchase 24 retail facilities shall not be eligible for a grant of tax credits. If a 25 project consists of both point?of??nal?purchase retail facilities and 26 non?retail facilities, only the portion of the project consisting of non? 27 retail facilities shall be eligible for a grant of tax credits. 28 jute Ci'oz?i: 2.31:5. a: the Atlaiji: 3.3m: as 29 i sectihof ct'lJl. Lilli! 1; 112-219. and 30 :2 Late 1 .szna 'o 31 at 1:1 cine-l use be 32 eligible :1 grant of aicng the non?retail facilities nf a nnin+ nf Fin?.1 nIIrr-Llal-a ra+u?1 TF -.. Evolution of the ?Material Factor? Requirement To assist the authority in determining whether a proposed capital investment will yield a net positive benefit, the business?s chief executive officer, or equivalent officer, shall submit a certification to the authority indicating that: any existing full?time jobs are at risk of leaving the State or being eliminated (ii) that any projected creation, or retention as applicable, of new full?time jobs would not occur but for the provision of tax credits under the program; and, that the business's chief executive office r, or equivalent officer, has reviewed the information submitted to the authority and that the representations contained therein are accurate; provided, however, that in satisfaction of fer?items and (ii) above, the certification with respect to projects in the Garden State Growth Zone that qualified as an MRERA shall indicate that, absent?the provision of tax credits under the program is a material factor in the businesses decision to make a capital investment and locate in the Garden State Growth Zone that Qualifies as an MRERA financial?prospects? the event that this certification by the business's chief executive office r, or equivalent officer, is found to be willfully false, the authority may revoke any award of tax credits in their entirety, which revocation shall be in addition to any other criminal or civil penalties that the business and the