The bill amends Section 55 of P.L.2020, c.156 to enhance support for redevelopment projects undertaken by institutions of higher education through the New Jersey Aspire Program. It introduces a new definition for "institutional project," which refers to projects where at least 51% of the square footage is dedicated to qualified research and development. The bill specifies that the "project cost" for these institutional projects will include expenses related to the construction of various facilities, such as research workspaces, meeting rooms, and dormitories. Additionally, it establishes that institutional projects are eligible for an incentive award of up to 80% of total project costs, capped at $120 million, and requires developers to contribute a minimum of $30 million in capital.

Moreover, the bill clarifies the definitions of "commercial project" and "residential project," while exempting institutional projects from the net benefit analysis typically required for redevelopment projects. This exemption aligns with existing provisions for other project types, such as residential developments and health care centers. The bill also mandates that developers certify the accuracy of submitted documents under penalty of perjury, with material misrepresentation leading to the forfeiture of the incentive award. Overall, the legislative changes aim to facilitate the development of infrastructure that promotes research and innovation, thereby contributing to New Jersey's economic growth.

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