The bill revises the New Jersey Aspire Program and introduces a new Redevelopment Project Bridge Financing Program aimed at enhancing economic development and revitalization efforts in the state. Key amendments include the expanded definition of "commercial project" to include warehouse distribution centers and film production facilities, as well as the introduction of "mixed-use project" to require both residential and non-residential components. The bill also clarifies "project cost" to encompass various developer expenses, particularly in government-restricted municipalities, while excluding application or administration fees from this calculation. Additionally, the definition of "incentive area" is broadened to include brownfield sites, thereby increasing the scope of eligible redevelopment locations.

Furthermore, the bill establishes new criteria for developers to qualify for incentive awards, emphasizing economic feasibility and compliance with environmental and labor standards. It modifies existing affordability controls for low- and moderate-income housing, requiring a minimum percentage of units to be reserved for these households. The legislation also introduces provisions for community benefits agreements for larger projects, mandates periodic progress reports from developers, and allows for the sale of buildings during the eligibility period under certain conditions. Overall, the bill aims to streamline the Aspire Program, enhance accountability, and ensure that redevelopment projects contribute positively to New Jersey's economic growth and community development.

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