This bill amends the definition of "qualified assistance fund expense" under the New Jersey Urban Enterprise Zones Act to include costs associated with transportation infrastructure projects and related debt service. Specifically, it allows qualifying municipalities to utilize funds from the Urban Enterprise Zone (UEZ) program for the construction, repair, upgrade, or maintenance of transportation infrastructure, expanding the scope of eligible projects beyond just public infrastructure improvements in commercial or transportation corridors. The bill also stipulates that expenses may cover debt service related to financing these transportation projects and allows for the pledge of funds from the assistance fund to repay loans issued by the State Transportation Infrastructure Bank.

Additionally, the bill provides a comprehensive definition of "transportation infrastructure," which encompasses all public highways, roads, bridges, and streets, as well as public transportation facilities that support various modes of public transport, including rail and bus services. By broadening the definition of qualified assistance fund expenses, the bill aims to enhance the revitalization efforts in urban areas by facilitating investment in critical transportation infrastructure, thereby promoting economic development and job creation within these communities.

Statutes affected:
Introduced: 52:27H-62