This bill authorizes the establishment of regional economic development partnerships among various local governmental entities, including county and municipal governments, as well as public and private economic development organizations. These partnerships aim to engage in joint regional economic planning and develop strategies for economic development or redevelopment. The bill allows for a wide range of participants in these partnerships, including businesses, educational institutions, and nonprofit organizations, and mandates that partnership agreements include provisions for a governing board to oversee the partnership's activities. Additionally, partnerships may be registered with the New Jersey Economic Development Authority and are subject to approval by the Department of Community Affairs if they include public entities.

Furthermore, the bill outlines the financial mechanisms available to these partnerships, such as eligibility for loans, bond issuance, and matching grants to support their initiatives. It also allows counties and municipalities to enter into agreements outside of formal partnerships for joint economic planning and project implementation, provided these agreements are approved by the Local Finance Board. The act is set to take effect seven months after enactment, although anticipatory administrative actions may be taken by the New Jersey Economic Development Authority and the Local Finance Board in advance of this date.