This bill empowers the New Jersey Economic Development Authority (EDA) to provide financial assistance for capital projects focused on improving or modernizing the Atlantic City Convention Center. It introduces new legal language that explicitly states the EDA's authority to offer such financial assistance, which can include grants, loans, or loan guarantees, with a cumulative limit of $50 million, contingent upon legislative appropriation. Developers must demonstrate that their projects will enhance the center's competitiveness and contribute to local economic growth. Additionally, the bill mandates an impact study to evaluate the effects of certain projects in the Meadowlands on the Atlantic City Convention Center, ensuring that any subsidies awarded are based on comprehensive assessments of economic viability and competitiveness.

Furthermore, the bill amends existing law to define "economic development subsidy" and clarifies that it does not include contracts for the procurement of goods or services on an unsubsidized basis. It establishes requirements for the approval of economic development subsidies for Meadowlands sports and entertainment projects, which are defined as developments intended for live sports, entertainment, or convention purposes. Before any subsidies can be awarded, a comprehensive impact study must be conducted by the New Jersey Sports and Exposition Authority, in consultation with the Department of Community Affairs, to assess the anticipated effects on the Atlantic City Convention Center's economic viability, including factors such as tourism and job creation. The findings of this study must be reported to the Governor and the Legislature prior to subsidy approval.

Statutes affected:
Introduced: 34:1B-5