The bill amends Section 4 of P.L.1992, c.16 (C.34:1B-7.13) to enhance the use of funds from the Economic Recovery Fund. It allows the New Jersey Economic Development Authority to utilize these funds for various initiatives aimed at supporting small and medium-sized businesses, community development, and infrastructure projects. Notable insertions include the establishment of an economic growth account, which will finance programs such as a Statewide lending pool, a venture capital fund, and a "Main Street Business Assistance Program." Additionally, the bill mandates that a minimum of $35 million from the economic growth account be allocated to specific provisions, and outlines the creation of accounts for school facilities, environmental cleanup, and shore restoration projects.

Furthermore, the bill introduces a new section (C.34:1B-7.13a) that authorizes the New Jersey Economic Development Authority to purchase properties from the New Jersey Transit Corporation to maximize their development potential. The authority is required to notify the Joint Budget Oversight Committee before proceeding with property purchases and development plans. The bill also stipulates that the New Jersey Transit Corporation will retain a participation interest in the properties sold, ensuring they receive a share of proceeds from any future sales or leases. An appropriation of up to $65 million from the General Fund is included to support these initiatives, with the act taking effect immediately upon approval.

Statutes affected:
Introduced: 34:1B-7.13
Advance Law: 34:1B-7.13
Pamphlet Law: 34:1B-7.13