This bill authorizes the establishment of regional economic development partnerships among county and municipal governments, their agencies, and various economic development organizations. These partnerships aim to engage in joint regional economic planning and develop strategies for economic development or redevelopment. The bill allows for a wide range of participants, including businesses, educational institutions, and nonprofit organizations, to join these partnerships. It also stipulates that any partnership agreement involving a public entity must be submitted to the Department of Community Affairs for approval before certification by the New Jersey Economic Development Authority.

Additionally, the bill outlines the financial mechanisms available to these partnerships, including eligibility for loans, bond issuance, and matching grants to support their activities. It allows counties and municipalities to enter into agreements for joint economic planning and project implementation outside of formal partnerships, provided these agreements are approved by the Local Finance Board. The act is set to take effect seven months after enactment, although anticipatory administrative actions may be taken by the New Jersey Economic Development Authority and the Local Finance Board in advance.