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 evaluate each phase.

Additionally, the bill introduces new provisions regarding the fiscal impact analysis required for transformative projects. It specifies that projects predominantly residential in nature or those qualifying as special mission non-profit projects will be excluded from the net benefit calculation. The authority will also have the discretion to extend deadlines for project completion and will require developers to submit certifications upon completion of each project phase. Overall, the bill aims to streamline the process for transformative projects that meet specific criteria, thereby encouraging redevelopment in targeted areas of New Jersey.

Statutes affected:
Introduced: 34:1B-333