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, termed "institutional projects." These projects must allocate at least 51% of their square footage to qualified research and development activities. The bill expands the definition of "project cost" to include expenses for constructing various facilities such as research workspaces, meeting rooms, dining areas, and dormitories. Additionally, it clarifies that institutional projects are eligible for an incentive award of up to 80% of total project costs, capped at $120 million, and establishes a minimum capital contribution requirement of $30 million for developers.

Moreover, the bill exempts institutional projects from the net benefit analysis typically required for certain redevelopment projects, which is a significant shift from current law. It also extends similar provisions to transformative projects, allowing them to receive an incentive award of 80% of project costs, with a maximum limit of $400 million. These amendments aim to streamline the process for developers, promote economic development, and encourage investment in research and development initiatives within New Jersey.

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