This bill amends the powers of the Capital City Redevelopment Corporation (CCRC) to authorize it to issue grants for projects within the Capital City District. The new legal language allows the CCRC to directly issue grants that align with the provisions of P.L.1987, c.58 (C.52:9Q-9 et seq.), thereby enhancing its ability to support local projects. Additionally, the bill removes the previous requirement that mandated the recovery of at least 65 percent of the funds appropriated to the corporation, which was seen as a barrier to attracting participation from local businesses and organizations.

The changes aim to provide the CCRC with greater flexibility in financing and supporting redevelopment initiatives, particularly in light of the economic challenges faced by the Capital District. By eliminating the stringent recovery requirement, the CCRC can better tailor its financial assistance to the needs of specific projects, fostering a more conducive environment for community redevelopment and economic growth.

Statutes affected:
Introduced: 52:9Q-13, 52:9Q-20