Bill > S2957

This bill expands the types of areas eligible for incentive grants under the Economic Redevelopment and Growth Grant program, which was established by the New Jersey Economic Stimulus Act of 2009. Specifically, it makes properties zoned for development according to a master plan adopted by the New Jersey Meadowlands Commission and any land owned by the New Jersey Sports and Exposition Authority within the Hackensack Meadowlands District eligible for these grants. The Economic Redevelopment and Growth Grant program, often referred to as the ERG program, provides financial incentives to developers to encourage redevelopment projects by helping to cover the costs that cannot be financed through other means, known as the "project financing gap." By including these Meadowlands properties, the bill aims to stimulate economic development and growth in those specific areas.