This bill amends the "New Jersey Urban Enterprise Zones Act" to clarify the definition of "qualified assistance fund expense." Specifically, it includes expenses related to the purchasing, leasing, or acquiring of land or other property as part of the qualified assistance fund expenses. This change aims to enhance the scope of eligible expenses that can be covered under the Urban Enterprise Zone assistance fund, thereby potentially facilitating more comprehensive support for businesses operating within designated enterprise zones.

In addition to the inclusion of property acquisition, the bill also allows for the use of assistance fund resources for loans, grants, and guarantees to businesses, which may also be applied to property acquisition. Furthermore, it specifies that up to 75 percent of zone assistance funds can be used for debt service related to financing transportation infrastructure projects, provided that such use is detailed in the municipality's certified zone development plan. This amendment is intended to bolster economic development efforts in urban enterprise zones by broadening the financial support available to qualified businesses.

Statutes affected:
Introduced: 52:27H-62