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 a minimum capital contribution of $30 million from developers.

Moreover, the bill clarifies the definitions of "commercial" and "residential projects," while exempting institutional projects from the typical net benefit analysis required for redevelopment projects. This exemption aligns with provisions for other project types, such as residential developments and health care centers. The bill also allows for lower net benefit requirements for projects in government-restricted municipalities and mandates that developers certify the accuracy of their submissions under penalty of perjury. Overall, the legislative changes aim to foster economic development and innovation in New Jersey by streamlining the process for higher education institutions to engage in redevelopment efforts.

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