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 specifies that ancillary infrastructure projects must include essential improvements like public electric vehicle charging stations and freight rail spurs to support economic viability. The definition of "project cost" is amended to include expenses related to Highlands Development Credits and environmental remediation, while removing the previous cap on costs not directly tied to construction. Additionally, the bill clarifies the "project financing gap" and the conditions under which developers can certify their inability to raise additional capital.

Significant changes also include the exclusion of properties within the preservation area of the Highlands Region from the grant incentive areas and the introduction of provisions allowing developers to assign their tax credit application rights to non-profit organizations. The bill extends the deadline for submitting temporary certificates of occupancy for certain projects to June 30, 2028, and allows developers to amend their applications by excluding specific project components. It also revises the definition of project costs to encompass a broader range of expenses, facilitating development in targeted areas while ensuring compliance with environmental and labor standards.

Statutes affected:
Introduced: 52:27D-489