This bill amends the Casino Reinvestment Development Authority (CRDA) Urban Revitalization Program by extending certain provisions related to project grants for district projects in entertainment-retail districts. Specifically, it allows developers, including casino licensees, to receive annual incentive grants for a maximum of 40 years following the completion of a district project, an increase from the previous limit of 20 years. Additionally, the bill raises the cap on the total amount of grants a developer can receive to five times the approved cost of the district project, rather than the previous limit based on the project's cost.

Furthermore, the bill provides renewed eligibility for developers of district projects that have been completed at least 20 years prior to the bill's effective date, allowing them to receive annual incentive grants for an additional 20 years or until the total grants equal five times the approved cost of the project, whichever comes first. The amendments include changes to the language regarding the duration of grants and the conditions under which they can be awarded, ensuring that both new and previously completed projects can benefit from extended financial support.

Statutes affected:
Introduced: 5:12-173.15, 5:12-173.16