This bill establishes new municipal review processes for the development of large warehouses, requiring planning boards to conduct a special reexamination of the municipality's master plan and development regulations before considering such applications. The planning board must prepare and adopt a special reexamination report that incorporates guidelines from the State Planning Commission, unless the master plan and regulations have been updated within the past 12 months. The report must be delivered to the municipal governing body within 90 days of receiving the application, and the governing body has 90 days to amend development regulations based on the report. Additionally, the bill stipulates that the 45-day period for determining the completeness of the application will not begin until the 91st day after the governing body's receipt of the report.

Furthermore, the bill mandates that if a municipality has not conducted a municipal-wide revaluation or reassessment of real property within 60 months prior to approving a large warehouse project, it must perform such a revaluation or reassessment within 24 months following the issuance of a certificate of occupancy for the warehouse. This aims to ensure that property values are accurately reflected and assessed in light of the new development. The bill is set to take effect immediately upon enactment.