This bill authorizes the New Jersey Economic Development Authority (EDA) to utilize funds for the purchase of certain properties from the New Jersey Transit Corporation (NJT) to enhance their development potential. It appropriates up to $65 million from the General Fund for this purpose and mandates that the EDA purchase these properties based on appraisals reflecting their highest and best use value. The EDA is also required to maintain a minimum of $35 million from its economic growth account for various development activities, including construction, rehabilitation, and leasing of the identified properties. Additionally, NJT will retain a participation interest in these properties, ensuring they receive at least 33 percent of the proceeds from any sale or lease by the EDA.

The bill outlines a process for the EDA to notify the Joint Budget Oversight Committee (JBOC) regarding the identification of properties for purchase and any subsequent development plans. This includes a requirement for a joint presentation to the JBOC by both the EDA and NJT before any property transactions occur. The EDA is also empowered to enter into contracts related to the properties, ensuring that the development aligns with economic growth initiatives. Overall, the bill aims to facilitate strategic property acquisitions and developments that can stimulate economic growth in New Jersey.

Statutes affected:
Introduced: 34:1B-7.13