Current through Register Vol. 56, No. 18, September 16, 2024
(a) Prior to the
opening of each renaissance school that will undergo substantial
reconstruction, the renaissance school project shall submit to the Commissioner
and the renaissance school district, a plan for the facility's substantial
reconstruction. The substantial reconstruction plan shall include:
1. A description of the reconstruction that
is to take place;
2. An estimated
timeline for the completion of the substantial reconstruction, which shall
include estimated dates for the filing and receipt of demolition and/or
construction permits, the completion of the substantial reconstruction, and any
other significant construction milestones;
3. An estimate of the development budget that
includes the cost of the substantial reconstruction as a percentage of the
appraised fair market value of the property to show that it satisfies the
definition of substantial reconstruction; and
4. A copy of the appraisal report that
includes the property's fair market value as determined pursuant to (b)
below.
(b) To determine
the fair market value of the property for purposes of satisfying the definition
of substantial reconstruction, the renaissance school project shall select an
independent Member Appraisers Institute (MAI) appraiser to conduct an appraisal
of the fair market value of the property, factoring in building conditions (for
example, environmental conditions and required remediation, recent building
improvements, the annual cost of facilities maintenance for the preceding 12
months, and use restrictions of the building as a public school facility) into
such appraisal.
1. Within 45 business days of
receiving the substantial reconstruction plan, the school district
superintendent or State district superintendent of the renaissance school
district shall notify the Commissioner and the renaissance school project if
the renaissance school district does not accept the renaissance school
project's fair market value appraisal and shall submit an appraisal of its own
to the Commissioner and the renaissance school project. This appraisal shall be
conducted by an independent MAI appraiser and shall factor in building
conditions (for example, environmental conditions and required remediation,
recent building improvements, the annual cost of facilities maintenance for the
preceding 12 months, and use restrictions of the building as a public school
facility). Failure of the school district superintendent or State district
superintendent of the renaissance school district to notify the Commissioner
and the renaissance school project if the renaissance school district does not
accept the renaissance school project's fair market value appraisal and submit
an appraisal within 45 business days of receiving the substantial
reconstruction plan, shall constitute acceptance of the renaissance school
project's fair market value appraisal.
2. If the two appraised values of the
property differ, such that the renaissance school project's development budget
no longer satisfies the definition of substantial reconstruction, the parties
together shall select and share the cost of a review appraiser who shall be an
independent MAI appraiser.
i. The renaissance
school project and the renaissance school district shall jointly arrange for
the review appraiser to conduct a comprehensive review of the renaissance
school project's and the renaissance school district's appraisals, including
building conditions (for example, environmental conditions and required
remediation, recent building improvements, the annual cost of facilities
maintenance for the preceding 12 months, and use restrictions of the building
as a public school facility), and to determine the fair market value of the
property for purposes of satisfying the definition of substantial
reconstruction.
ii. The renaissance
school project and the renaissance school district shall jointly arrange for
the review appraiser to issue a review appraisal within 30 business days from
the date of selection as the review appraiser and to submit a copy of the
review appraisal to the renaissance school project, the school district
superintendent or State district superintendent of the renaissance school
district, and the Commissioner.
3. If the review appraisal of the property
does not alter the renaissance school project's compliance with the definition
of substantial reconstruction, the review appraisal shall be deemed the
property's final fair market value.
4. Upon the calculation of the property's
final fair market value, the renaissance school project shall resubmit its
substantial reconstruction plan to the Commissioner and the renaissance school
district pursuant to (a) above.
(c) The Commissioner shall notify the
renaissance school project as to whether it satisfies the requirements for the
substantial reconstruction plan. If the plan meets the section's requirements,
the renaissance school project may commence construction pursuant to the plan.
1. To qualify for funding pursuant to
N.J.S.A.
18A:36C-7.e for students attending a facility
undergoing substantial reconstruction, the renaissance school project shall
submit to the Commissioner a copy of the demolition or construction permit(s)
for the facility's substantial reconstruction as evidence of beginning
construction pursuant to
N.J.S.A.
18A:36C-7.1.
2. If the renaissance school project makes a
material modification to the scope of the substantial reconstruction at any
time prior to the substantial reconstruction's completion, the renaissance
school project shall submit to the Commissioner a revised substantial
reconstruction plan that complies with (a) and (b) above.
3. The renaissance school project shall
submit quarterly reports to the Commissioner with an update on the status and
cost of the reconstruction.
(d) The renaissance school project shall
notify the Commissioner upon completion of the substantial reconstruction, at
which time the Commissioner shall ensure the renaissance school project
satisfied the definition of substantial reconstruction.
