The bill amends the New Jersey Aspire Program to introduce specific provisions for "institutional projects," which are redevelopment initiatives affiliated with public or private institutions of higher education, where at least 51% of the project's square footage is dedicated to qualified research and development. It establishes that the project cost for these institutional projects will include expenses related to the construction and completion of various facilities, such as research workspaces, meeting rooms, dining areas, dormitories, and common spaces. Additionally, the bill allows institutional projects to receive 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, with exceptions for projects in government-restricted municipalities.

Moreover, the bill clarifies the definitions of "commercial" and "residential projects," ensuring that institutional projects are excluded from the commercial category while maintaining size requirements based on municipal classifications. It also exempts institutional projects from the net benefit analysis typically required for redevelopment projects, aligning them with existing exemptions for residential projects and health service centers. The authority is tasked with ensuring that public assistance results in a net positive benefit to the state, while also mandating compliance with labor and environmental standards, including the payment of prevailing wages to workers on these projects.

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