This bill extends 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 specifically to projects approved after May 1, 2017, located in designated Garden State Growth Zones with populations over 125,000, while excluding certain counties. Additionally, it allows for mixed-use parking projects undertaken by municipal redevelopers after July 29, 2022, that receive a redevelopment incentive grant. Developers must also ensure that the municipality submits a letter of support identifying up to six projects prior to July 1, 2018.

The bill further details the conditions for awarding redevelopment incentive grants, stating that grants for mixed-use parking projects will cover 100% of parking component costs and 40% of non-parking component costs, with potential for increased funding under specific conditions. It also mandates compliance with Leadership in Energy and Environmental Design (LEED) standards for all proposed mixed-use parking projects. The overall aim of the bill is to incentivize development in targeted areas while ensuring adherence to labor and environmental standards, with a total cap of $993 million on the value of tax credits approved under this legislation.

Statutes affected:
Introduced: 52:27D-489