This bill authorizes the New Jersey Economic Development Authority (EDA) to utilize up to $65 million from the General Fund to purchase properties from the New Jersey Transit Corporation (NJT) that are identified as having significant development potential. The EDA is required to base the purchase price on appraisals reflecting the highest and best use of the properties. Additionally, NJT will retain a participation interest in these properties, ensuring that if the EDA sells or leases them, NJT receives at least 33% of the proceeds above the appraised value at the time of purchase.

The bill also amends existing law to enhance the EDA's economic growth account, mandating that at least $35 million be allocated for various development activities, including construction, rehabilitation, and maintenance of the acquired properties. Furthermore, the EDA must notify the Joint Budget Oversight Committee (JBOC) prior to any property purchases or development actions, allowing for a joint presentation to discuss the terms and conditions of the conveyance. This structured oversight aims to ensure transparency and accountability in the use of public funds for economic development initiatives.

Statutes affected:
Introduced: 34:1B-7.13