This bill amends the New Jersey Urban Enterprise Zones Act to expand the definition of "qualified assistance fund expenses" 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, regardless of whether these improvements occur within a commercial or transportation corridor. The bill also stipulates that expenses may cover debt service related to financing transportation infrastructure 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 services, including rail and bus operations. By broadening the scope of eligible expenses, the bill aims to enhance the revitalization efforts in urban areas by facilitating improvements in transportation infrastructure, thereby promoting economic development and job creation within these communities.

Statutes affected:
Introduced: 52:27H-62