The bill amends the Economic Redevelopment and Growth Grant program in New Jersey by introducing new definitions and clarifications for terms such as "project cost," "project financing gap," and "incentive area." It expands the definition of project costs to include environmental remediation expenses and outlines specific conditions under which costs related to land, demolition, and equity contributions can be included for mixed-use parking projects initiated after the COVID-19 public health emergency. Additionally, the bill establishes a maximum eligibility period of 20 years for developer reimbursements, determined at the applicant's discretion, and emphasizes the importance of infrastructure improvements in redevelopment projects, particularly in designated Garden State Growth Zones.

Moreover, the bill extends the deadline for developers to submit temporary certificates of occupancy for certain qualified residential and mixed-use parking projects to June 30, 2028, and allows for amendments to applications, including the exclusion of visitor or youth centers. It also clarifies that the project financing gap is the remaining financing needed after accounting for all other capital sources, including a minimum developer contribution of 20%. The legislation further revises the definition of project costs to encompass various expenses, such as capitalized interest and debt service reserves, thereby broadening the scope of eligible expenses for developers. Overall, these changes aim to enhance economic development and provide clearer guidelines and support for redevelopment initiatives in New Jersey.

Statutes affected:
Introduced: 52:27D-489