The bill modifies the Economic Redevelopment and Growth Grant program in New Jersey by introducing new definitions and clarifications for terms such as "ancillary infrastructure project," "deep poverty pocket," and "Garden State Growth Zone." It expands the scope of eligible project costs to include expenses related to Highlands Development Credits and environmental remediation, while removing previous limitations on costs not directly tied to construction. Additionally, the bill allows for costs associated with land, demolition, and equity contributions for mixed-use parking projects initiated after the COVID-19 public health emergency. It also establishes criteria for "qualified residential projects" based on municipal population and financial thresholds, and broadens the definition of "incentive area" to encompass various districts eligible for economic development assistance.

Moreover, the bill amends existing legislation to exclude properties within the Highlands Region's preservation area and clarifies definitions related to redevelopment projects and technology startups. It introduces new definitions for "zero-emission vehicle" and related infrastructure, emphasizing their inclusion in redevelopment efforts. The bill outlines conditions for the State Treasurer to pay developers incremental State revenues from taxes linked to redevelopment and allows the assignment of tax credit applications to non-profits. It also extends the deadline for submitting temporary certificates of occupancy for certain projects to June 30, 2028, and revises the definition of project costs to include capitalized interest and debt service reserve funding. Overall, these changes aim to enhance the viability and financial support for redevelopment initiatives in economically distressed areas.

Statutes affected:
Introduced: 52:27D-489