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. Key definitions include "Applicant," which refers to developers seeking redevelopment incentive grant agreements, and "Ancillary infrastructure project," which includes improvements essential for the economic viability of redevelopment initiatives. The bill also refines terms such as "Deep poverty pocket," "Distressed municipality," and "Garden State Growth Zone," providing a comprehensive framework for understanding the scope of redevelopment efforts. Additionally, it emphasizes the importance of infrastructure improvements, including public electric vehicle charging stations, and outlines financial mechanisms to support these projects.

Furthermore, the bill specifies the exclusion of properties within the preservation area of the Highlands Region from eligibility for state assistance and clarifies definitions related to redevelopment projects and tax credits. It introduces provisions allowing developers to assign their tax credit application rights to non-profit organizations focused on investment in Garden State Growth Zones. The legislation details the payment structure for developers, establishes a cap on state incentive grants, and sets eligibility criteria, including compliance with environmental and wage standards. It also mandates that mixed-use parking projects adhere to Leadership in Energy and Environmental Design (LEED) standards and outlines the administrative processes for grant applications. 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