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 emphasizes infrastructure improvements that support public transportation and economic viability, while outlining criteria for developers to qualify for grants. Key changes include the expansion of eligible project costs to encompass environmental remediation and Highlands Development Credits, as well as a requirement for developers to contribute a minimum of 20% of the total project cost. The bill also establishes a reimbursement eligibility period of up to 20 years and specifies the types of projects that can receive funding, including mixed-use parking projects in distressed municipalities.

Additionally, the bill extends the deadline for developers to submit a temporary certificate of occupancy for certain projects to June 30, 2028, and allows for amendments to applications to exclude specific project components. It revises the definition of project costs to include various expenses, such as capitalized interest and infrastructure improvements, while permitting up to 20% of total project costs for non-construction-related expenses. The financial structure of the incentive grants is also detailed, allowing for up to 75% of projected annual incremental revenues to be pledged towards state grants, with higher percentages for projects in designated growth zones. Overall, these amendments aim to facilitate the development of targeted residential and mixed-use projects while ensuring compliance with environmental and labor standards.

Statutes affected:
Introduced: 52:27D-489