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 bill introduces new provisions allowing the CCRC to directly issue grants that align with the goals of P.L.1987, c.58 (C.52:9Q-9 et seq.), and it expands the corporation's general powers to include the ability to manage projects, enter into agreements, and accept contributions from various sources. Additionally, the bill removes the previous requirement that at least 65 percent of the funds appropriated to the corporation be recovered through repayments, which is intended to enhance the attractiveness of CCRC programs and encourage participation from local businesses and organizations.

The changes aim to provide the CCRC with greater flexibility in financing and supporting redevelopment initiatives in the economically distressed Capital City District. By eliminating the stringent recovery requirement, the CCRC can better tailor its financial assistance to the needs of specific projects, thereby fostering economic development and addressing the challenges faced by the community. Overall, the bill seeks to empower the CCRC to effectively contribute to the revitalization of the Capital City District through grant issuance and more adaptable financial strategies.

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