The bill amends Section 6 of P.L.2009, c.90 (C.52:27D-489f) to extend the deadline for submitting a temporary certificate of occupancy for certain qualified residential and mixed-use parking projects under the Economic Redevelopment and Growth Grant program from June 30, 2028, to June 30, 2032. This extension applies to projects approved after May 1, 2017, located in designated Garden State Growth Zones with populations over 125,000, while excluding specific counties. Additionally, it includes provisions for mixed-use parking projects undertaken by municipal redevelopers after July 29, 2022, that receive a redevelopment incentive grant.

The bill also establishes various conditions for developers seeking tax credits, including compliance with environmental standards, affirmative action requirements, and wage regulations for workers. It specifies that if the estimated incremental revenues pledged towards the State portion of an incentive grant are insufficient, developers may receive tax credits equal to the full amount of the incentive grant. Furthermore, it requires letters of support from municipalities for projects to be submitted prior to July 1, 2018, and allows for amendments to applications under certain conditions. The bill aims to promote the development of these projects while ensuring adherence to environmental standards and providing financial incentives to developers.

Statutes affected:
Introduced: 52:27D-489