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, 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 the pledge of funds from the assistance fund for repaying 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 expanding the scope of qualified assistance fund expenses to include transportation infrastructure, the bill aims to enhance economic development and job creation in urban areas through improved transportation systems.

Statutes affected:
Introduced: 52:27H-62