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 involves necessary improvements outside the main project area. The bill also introduces terms such as "Qualified residential project" and "Qualifying economic redevelopment and growth grant incentive area," ensuring that projects meet specific criteria based on location and financial investment. Additionally, it establishes new project categories, including "tourism destination projects" and "transit projects," while allowing for the development of zero-emission vehicle fueling and charging infrastructure.

Moreover, the bill outlines a revised payment structure for developers under redevelopment incentive grant agreements, specifying that the State Treasurer will pay incremental State revenues directly from businesses at the project site. It streamlines the application process for developers, setting deadlines for submitting incentive grant applications and temporary certificates of occupancy. The legislation also establishes eligibility criteria for developers, including compliance with environmental standards and labor regulations, and allows for the transfer of tax credit certificates. Notably, it deletes a previous provision related to funding allocations, thereby simplifying the financial assistance process for developers. Overall, the bill aims to promote economic growth and infrastructure improvements in New Jersey's distressed areas while ensuring compliance with various standards.

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