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:
- 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;
- to house persons of low, moderate, median and middle income;
- for structures, franchises, equipment and facilities for the operation of public transportation;
- 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;
- 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
- for planning, developing or preservation of new and existing small businesses;
- for employment training and retraining, particularly for unemployed and underemployed persons;
- for pressing social and economic needs of the residents such as schools, supermarkets, commercial establishments, daycare centers, parks or community service centers;
- 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
68. CRDA Construction Oversight, if required, up to $1,500 per month during construction, plus set up costs.