Rutgers Law

New Jersey Statutes, Title: 34, LABOR AND WORKMEN'S COMPENSATION

    Chapter 1b:

      Section: 34:1b-360: Start-up rent grants.

          96. a. Up to the limits established in this subsection and in accordance with the grant agreement, the authority shall provide start-up rent grants to the owner and operator of a collaborative workspace through a series of scheduled payments as set forth in the grant agreement. The owner and operator of the collaborative workspace shall utilize the grant funding to provide rent-free space to a start-up tenant or member business that agrees to continue renting space in, or access to, the collaborative workspace for the start-up tenant or member business commitment period. The maximum start-up rent grant that the authority may provide to a collaborative workspace for the tenancy of a single start-up tenant or member business shall not exceed $25,000, including bonus months. The maximum aggregate amount of start-up rent grants that the authority may provide to an approved collaborative workspace in a calendar year shall not exceed $100,000.

b. The authority may provide a start-up rent grant for the payment of rent for space in, or access to, a collaborative workspace for up to six months; provided, however, if a collaborative workspace or start-up tenant or member business satisfies any of the bonuses set forth in paragraphs (1) through (5) of this subsection, then the authority may provide an additional month of rent for each bonus satisfied by the collaborative workspace or start-up tenant or member business. Additional months of rent provided by the authority for bonus criteria satisfied by a collaborative workspace or start-up tenant or member business shall first be applied to the start-up tenant or member business commitment period, followed by the collaborative workspace commitment period. Any bonus months provided in excess of the combined commitment periods shall be forfeited. The authority may award a bonus month if:

(1) the collaborative workspace is located in a qualified opportunity zone designated pursuant to 26 U.S.C. s.1400Z-1;

(2) the collaborative workspace is affiliated with a hospital system or a New Jersey university;

(3) the collaborative workspace has been open less than 90 days from the date on which the owner and operator of the collaborative workspace applied to the authority to participate in the program and the collaborative workspace is not in the same location as an existing facility;

(4) the start-up tenant or member business for which the start-up rent grant is paid is certified by the State as a "minority business" or a "women's business" pursuant to P.L.1986, c.195 (C.52:27H-21.17 et seq.); or

(5) the start-up tenant or member business for which the start-up rent grant is paid is the first presence of a foreign company entering into the United States.

c. (1) The owner and operator of a collaborative workspace shall annually certify to the authority, under the penalty of perjury, that it is in compliance with the grant agreement.

(2) In addition to the certification required pursuant to paragraph (1) of this subsection, the authority shall conduct an annual inspection and review of the collaborative workspace and may request documentation evidencing that the collaborative workspace utilized the start-up rent grant it received from the authority in accordance with the requirements of the program and the grant agreement.

d. (1) If a start-up tenant or member business stops occupying or accessing a collaborative workspace before the end of the start-up tenant or member business commitment period, then the collaborative workspace shall refund to the authority that portion of the start-up rent grant covering any period in which the start-up tenant or member business did not have space in, or access to, the collaborative workspace.

(2) If the authority determines that a collaborative workspace is not in compliance with the requirements of the program or of the grant agreement, then the authority may rescind the business facility's certification as a collaborative workspace and bar the business facility from further participation in the program.

L.2020, c.156, s.96; amended 2021, c.160, s.46.

This section added to the Rutgers Database: 2021-09-13 09:31:23.

Older versions of 34:1b-360 (if available):

Court decisions that cite this statute: CLICK HERE.