Get Ready for NJ's Tax Increment Financing Program

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This article was written as the NJ Tax Increment Financing (TIF) was being geared up in 2004 but it just is as relevant today. NJ's TIF program comes in two different flavors, if you will. Since the publication of this article, the Redevelopment Area Bond (RAB) Financing Law, N.J.S. 40A:12A-64 et seq, has been used for numerous projects, primarily in northern urban areas of the state. The recent economic downturn has reportedly caused developers to seek municipal backing of the bonds used in this program. The Revenue Allocation District Financing Act, N.J.S. 52:27D-459 et seq, has reportedly only been used once. This article outlines the requirements of the two programs and raises technical issues that must be addressed in the approval of a project under either program. At the bottom line, the article stresses that the most important consideration is using these programs to develop projects that will a "common sense" test.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Dennis Scardilli | Attorney Advertising

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