The bill revises the New Jersey Aspire Program by clarifying key definitions and eligibility criteria for municipalities and developers involved in redevelopment projects. It expands the definition of "government-restricted municipality" to include specific cities such as Newark and Camden, and introduces new terms related to economic development, such as "collaborative workspace" and "project financing gap." The bill emphasizes community engagement in redevelopment efforts and outlines the criteria for developers seeking incentive awards, including the requirement to demonstrate a net positive benefit to the State that exceeds the requested tax credit amount. Additionally, it mandates that workers on these projects be paid prevailing wages, with certain exceptions, and establishes minimum project cost thresholds based on population.

Moreover, the bill introduces provisions for phased tax abatements, allowing developers to receive a five-year exemption on property improvements while still taxing the land. It also reduces the threshold for the Economic Development Authority (EDA) to approve projects in government-restricted municipalities, allowing for a net positive benefit to the State that is up to 50 percentage points less than the standard requirement. The bill further streamlines the process for tax credit applications by requiring developers to certify the accuracy of their submissions and includes penalties for material misrepresentations. Overall, these amendments aim to enhance the effectiveness of the Aspire Program in promoting economic development and revitalization in New Jersey while ensuring accountability and community benefits.

Statutes affected:
Introduced: 34:1B-323, 34:1B-325, 34:1B-326, 34:1B-328, 40:14B-22.3