This bill authorizes the establishment of regional economic development partnerships among various local governmental entities, including county and municipal governments, as well as their agencies and instrumentalities. These partnerships aim to engage in joint regional economic planning and develop strategies for economic development or redevelopment. The partnerships can also incorporate businesses, educational institutions, nonprofit organizations, and other regional entities. They may register with the New Jersey Economic Development Authority and are eligible for loans or matching grants to support marketing and promotional activities that foster business growth and assist existing businesses.

Additionally, the bill allows counties and municipalities to enter into agreements outside of formal regional economic development partnerships for joint economic planning and project implementation. Such agreements must be submitted to the Local Finance Board for approval. The act will 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 to facilitate its implementation.