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 economic development initiatives, including establishing an economic growth account to support small and medium-sized businesses, financing infrastructure projects, and providing financial assistance for community development. The bill specifies that at least $35 million from the economic growth account must be allocated to certain provisions, and it outlines the creation of multiple accounts for specific purposes, such as school facilities, environmental cleanup, and shore restoration projects.

Additionally, 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 New Jersey Transit Corporation will maintain a participation interest in these properties, ensuring it receives a share of proceeds from any future sales or leases. The bill appropriates up to $65 million from the General Fund to support these initiatives, with an immediate effective date upon approval.

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