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.), thereby enhancing its capacity to support local redevelopment initiatives. 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.

By eliminating the recovery requirement, the CCRC aims to increase the attractiveness of its programs and better address the economic challenges faced by the Capital District. The flexibility to issue grants and determine appropriate recovery amounts for each project will enable the CCRC to tailor its financial assistance to the specific needs of the community, ultimately fostering more effective redevelopment efforts.

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