The proposed bill establishes the "Urban Wealth Fund Pilot Program" in New Jersey, aimed at enhancing the revenue generation potential of publicly-owned assets through professional management. The New Jersey Economic Development Authority (EDA), in collaboration with various state entities, will oversee the program, which includes identifying and selecting publicly-owned assets for inclusion in the fund, contracting with private asset management firms, and facilitating the transfer of management of these assets. The program is designed to allow participating municipalities to allocate increased revenues from these assets towards public purposes such as supporting minority-owned businesses, improving infrastructure, investing in education, and reducing property taxes.

The EDA will be responsible for creating program guidelines, evaluating applications from state entities and municipalities, and conducting annual revenue accounting for the assets held in the fund. The bill mandates that the EDA report to the Governor and Legislature on the program's effectiveness and future recommendations before the end of the fourth year of the pilot. Additionally, after five years, control of the managed assets will revert back to the respective state entities or municipalities. This initiative aims to determine the viability of managing undervalued public assets to maximize their revenue potential and potentially extend the program statewide.