The bill amends Section 55 of P.L.2020, c.156 (C.34:1B-323) to update and clarify definitions related to economic development and redevelopment projects in New Jersey. Key definitions include "Agency" for the New Jersey Housing and Mortgage Finance Agency and "Authority" for the New Jersey Economic Development Authority, along with terms like "collaborative workspace," "commercial project," and "developer." New terms such as "food desert community," "environmental remediation costs," and "project financing gap" are introduced to enhance understanding of the financial and social contexts of redevelopment. The amendments aim to facilitate the New Jersey Aspire Program, which provides financial incentives for developers to stimulate economic growth in targeted areas.

The bill also establishes the New Jersey Aspire Program under the New Jersey Economic Development Authority, providing incentive awards to developers for financing gap costs. It outlines eligibility criteria, including the requirement that projects must be economically unfeasible without the incentive and comply with environmental standards. Additionally, it mandates prevailing wages for workers and includes provisions for community benefits agreements for projects costing $10 million or more. The bill streamlines the tax credit approval process, allowing for automatic approval if the authority does not act within 120 days, and establishes specific tax credit percentages based on project type and location. Overall, the bill aims to enhance accountability, community engagement, and compliance with labor and affordability standards in redevelopment projects.

Statutes affected:
Introduced: 34:1B-323, 34:1B-324, 34:1B-325, 34:1B-328, 34:1B-329, 34:1B-330, 34:1B-331, 34:1B-333, 34:1B-335.1, 52:18A-263, 54:10A-4, 34:1B-5.1
Pamphlet Law: 34:1B-323, 34:1B-324, 34:1B-325, 34:1B-328, 34:1B-329, 34:1B-330, 34:1B-331, 34:1B-333, 52:18A-263