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 projects" as those where at least 51% of the square footage is dedicated 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, and dormitories. Additionally, it establishes that institutional projects can receive 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 definition of "commercial projects" and introduces new eligibility criteria for transformative projects, allowing them to also receive an 80% incentive award, with a maximum limit of $400 million. Both institutional and transformative projects are exempt from the net benefit analysis typically required for redevelopment projects. These legislative changes aim to promote economic development and innovation in New Jersey by streamlining the process for developers and encouraging investment in higher education and transformative initiatives.

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