Section 52:27D-489o - Ordinance for payment to municipal redeveloper for certain projectsa. The governing body of a municipality may, by ordinance, agree that certain eligible revenues in a project area may be paid for a period, not to exceed 20 years, to a municipal redeveloper to undertake and fund up to 100 percent of the construction of infrastructure improvements in a public right-of-way, publicly owned facilities, or public electric vehicle charging stations.b. An ordinance adopted pursuant to subsection a. of this section shall set forth in detail the proposed construction, the proposed redevelopment project, the estimated project costs, and the projected eligible incremental revenues to be paid. No ordinance shall be finally approved by the municipality unless approved by the Local Finance Board. In deciding whether or not to approve such ordinance, the Local Finance Board shall determine whether the proposed redevelopment project consists of public electric vehicle charging stations, publicly owned facilities, or infrastructure improvements in the public right-of-way. It also shall consider the factors listed at paragraphs (1) through (8) of subsection d. of section 4 of P.L. 2009, c. 90(C.52:27D-489d), provided that with respect to infrastructure improvements in the public right-of-way, it shall not consider paragraph (4) of subsection d. of section 4 of P.L. 2009, c. 90(C.52:27D-489d). Such proposed redevelopment project shall conform to the requirements of sections 7, 8, and 11 of P.L. 2009, c. 90(C.52:27D-489g, C.52:27D-489h, and C.52:27D-489k), except as set forth therein.Amended by L. 2021, c. 168, s. 8, eff. 7/9/2021.Added by L. 2010, c. 10,s. 11, eff. 5/5/2010. L. 2010, c. 10,s. 12, states, "This act shall take effect immediately and section 1 and sections 3 through 9 shall be retroactive to July 28, 2009 (the date of enactment of P.L. 2009, c. 90), and section 2, if enacted on or before June 30, 2010, shall apply to applications submitted for the 2010 Technology Business Tax Certificate Transfer Program."