The proposed bill establishes the "Urban Wealth Fund Pilot Program" aimed at enhancing the revenue generation potential of publicly-owned assets in New Jersey. The New Jersey Economic Development Authority (EDA), in collaboration with various state entities, will develop the program to encourage the identification and management of these assets. Key objectives include selecting publicly-owned assets for the fund, contracting with private asset management firms to oversee these assets, and enabling participating municipalities to allocate increased revenues towards public purposes such as supporting minority-owned businesses, improving infrastructure, investing in education, and reducing property taxes.

The EDA will set program guidelines, criteria for asset evaluation, and procedures for municipalities to apply for participation. Upon receiving applications, the EDA will assess the potential revenue impact of the assets and determine their inclusion in the fund. The bill also mandates annual revenue accounting and distribution to participating municipalities, which can use the funds for authorized public purposes. A report on the pilot program's effectiveness and recommendations for its future will be submitted to the Governor and Legislature before the fourth year of the program, with control of the assets reverting to the original owners after five years.