This bill amends the New Jersey Aspire Program by modifying the criteria for transformative projects, particularly those located in government-restricted municipalities. It establishes that such projects, if situated near a multi-modal transportation hub, a public or private institution of higher education, or a health care facility serving underrepresented populations, will be considered of special economic importance. This designation allows these projects to bypass the requirement of demonstrating a net positive benefit to the State, which is typically mandated for all redevelopment projects. The bill also clarifies that transformative projects can be completed in phases, with specific criteria set by the authority to assess their economic impact.

Additionally, the bill introduces new provisions regarding the fiscal impact analysis required for transformative projects. It specifies that projects predominantly residential in nature, special mission non-profit projects, or those meeting the new criteria will be excluded from the net benefit calculation. This change aims to streamline the approval process for transformative projects that are expected to contribute significantly to local economies while addressing the needs of underrepresented populations. Overall, the bill seeks to enhance the effectiveness of the Aspire Program in promoting economic development in targeted areas of New Jersey.

Statutes affected:
Introduced: 34:1B-333