This bill authorizes the establishment of regional economic development partnerships among various local governmental entities, including county and municipal governments, their agencies, and public or private economic development organizations. These partnerships aim to engage in joint regional economic planning and develop strategies for economic development or redevelopment. The partnerships can also include businesses, educational institutions, and nonprofit organizations within the region. The bill outlines that these partnerships may be registered with the New Jersey Economic Development Authority and must submit their agreements for approval if they involve public entities under the Department of Community Affairs. Additionally, the partnerships can access loans and matching grants for marketing and promotional activities to support business growth.

Furthermore, the bill allows counties and municipalities to enter into agreements outside of formal regional economic development partnerships for joint economic planning and project implementation. These agreements must be submitted to the Local Finance Board for approval. The act is set to take effect on the first day of the seventh month following its enactment, although anticipatory administrative actions may be taken by the New Jersey Economic Development Authority and the Local Finance Board to facilitate its implementation.