This bill authorizes the New Jersey Economic Development Authority (EDA) to purchase 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 utilize funds from its economic growth account, with a minimum of $35 million allocated for construction, rehabilitation, and other improvements on the identified properties. The EDA is required to base the purchase price on appraisals reflecting the highest and best use of the properties and must ensure that NJT retains a participation interest in any properties sold or leased, receiving at least 33 percent of the proceeds.

Additionally, the bill stipulates that the EDA must notify the Joint Budget Oversight Committee (JBOC) before purchasing properties and before undertaking any development activities on those properties. This notification process includes a joint presentation from both the EDA and NJT to the JBOC, detailing the terms of the property conveyance and the intended actions for development. The bill aims to facilitate economic growth through strategic property acquisitions and development initiatives while ensuring oversight and transparency in the process.

Statutes affected:
Introduced: 34:1B-7.13