The bill amends Section 6 of P.L.2009, c.90 to extend the deadline for submitting a temporary certificate of occupancy for certain qualified residential and mixed-use parking projects under the Economic Redevelopment and Growth Grant program from June 30, 2028, to June 30, 2032. This extension applies to projects approved after May 1, 2017, located in designated Garden State Growth Zones with populations over 125,000, while excluding specific counties. Additionally, it allows developers to assign their ability to apply for tax credits to non-profit organizations focused on attracting investment and completing development projects in these growth zones.

The bill also establishes conditions for awarding redevelopment incentive grants, specifying that grants for mixed-use parking projects will cover 100% of costs for the parking component and either 40% or 80% for the non-parking component based on certain criteria. It emphasizes compliance with environmental and sustainability standards, including adherence to Leadership in Energy and Environmental Design (LEED) standards for all proposed mixed-use parking projects. Overall, the legislation aims to incentivize development in targeted areas while ensuring that projects meet specific labor and environmental requirements.

Statutes affected:
Introduced: 52:27D-489