The bill amends Section 3 of P.L.2009, c.90 (C.52:27D-489c) to update and clarify definitions related to economic stimulus and redevelopment projects in New Jersey. It introduces new terms such as "Disaster recovery project" and "Mixed-use parking project," while refining existing definitions like "Applicant" and "Ancillary infrastructure project." The bill aims to streamline the process for developers and municipalities to access state incentives, particularly in economically distressed areas, by providing clearer guidelines and expanding the scope of eligible projects. Additionally, it emphasizes the importance of redevelopment in transit villages and urban transit hubs.

Moreover, the bill modifies the payment structure for developers under redevelopment incentive grant agreements, allowing tax credit applications to be assigned to non-profit organizations focused on investment in Garden State Growth Zones. It establishes new deadlines for grant applications and temporary certificates of occupancy, along with criteria for tax credits that include compliance with environmental standards and wage requirements. The bill also enhances provisions for mixed-use parking projects, ensuring they meet Leadership in Energy and Environmental Design (LEED) standards, and clarifies that administrative costs will be the responsibility of the applicants. The act is set to take effect immediately upon approval.

Statutes affected:
Introduced: 52:27D-489
Advance Law: 52:27D-489
Pamphlet Law: 52:27D-489