The bill amends the New Jersey Aspire Program to provide enhanced support for redevelopment projects associated with institutions of higher education, defined as "institutional projects." These projects must allocate at least 51% of their square footage to qualified research and development activities. The bill specifies that the project costs for these institutional projects will include expenses related to the construction of various facilities, such as research workspaces, meeting rooms, dining areas, and dormitories. Additionally, institutional projects are eligible for an incentive award of up to 80% of total project costs, capped at $120 million, with a minimum capital contribution requirement of $30 million from developers.

Moreover, the bill introduces new criteria for incentive awards, including exemptions from the net benefit analysis typically required for redevelopment projects. This exemption aligns with existing provisions for residential projects and health care centers. The legislation also clarifies definitions related to commercial and residential projects, ensuring that institutional projects are treated distinctly. Developers must certify the accuracy of their submitted documents under penalty of perjury, with material misrepresentation leading to forfeiture of the incentive award. Overall, the bill aims to foster economic development and innovation in New Jersey by supporting higher education institutions in their redevelopment efforts.

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