The bill amends Section 55 of P.L.2020, c.156 to enhance the New Jersey Aspire Program by introducing specific provisions for redevelopment projects associated with institutions of higher education. It defines "institutional project" as a redevelopment initiative where at least 51% of the square footage is dedicated to qualified research and development. The bill expands the definition of "project cost" to include expenses related to various facilities such as research workspaces, meeting rooms, and dormitories. Additionally, it clarifies that "commercial projects" do not include institutional projects, while maintaining size requirements based on municipal classifications.

Significantly, the bill establishes that institutional projects are eligible for an incentive award of up to 80% of total project costs, capped at $120 million, and requires a minimum capital contribution of $30 million from developers. This is a departure from the previous requirement of a 20% contribution of total project costs. The bill also exempts institutional projects from the net benefit analysis typically required for redevelopment projects, aligning them with existing exemptions for residential projects and certain other initiatives. Overall, these changes aim to bolster support for higher education institutions in New Jersey, promoting economic development and innovation.

Statutes affected:
Introduced: 34:1B-323, 34:1B-325, 34:1B-326, 34:1B-329, 34:1B-333