Bill > A4068

Introduced Session

This bill modifies the requirements for certain proposed mixed use parking projects undertaken by municipal redevelopers under the Economic Redevelopment and Growth Grant program. The bill amends the definition of "project cost" under existing law to include any particular costs for which the project has received federal, State, or local funding and creates new requirements to apply to any proposed mixed use parking project, for which a redevelopment incentive grant is awarded, that is to be undertaken by a municipal redeveloper after the effective date bill. Under the bill, a municipal redeveloper is required to submit a temporary certificate of occupancy for any proposed mixed use parking project no later than June 30, 2026. The bill provides for redevelopment incentive grant awards of equal to 100 percent of the total project costs for the parking component and 40 percent of the total project costs for the non-parking component of a mixed use parking project. However redevelopment incentive grant awards are to be equal to 100 percent of the total project costs for the parking component and 80 percent for the non-parking component, if the mixed use parking project is: 1) constructed upon all or a portion of a project site that was previously awarded tax credits pursuant to the "Urban Transit Hub Tax Credit Act" or the "New Jersey Economic Stimulus Act of 2009," but those tax credits were not issued; or 2) constructed to be utilized by a visitor center or youth center within or adjacent to a national historic park. The bill does not require municipal redevelopers to demonstrate a project financing gap to the New Jersey Economic Development Authority (authority) or provide an equity contribution with respect to the parking component. The terms of any approval, granted by the authority, for a proposed mixed use parking project undertaken by a municipal redeveloper, which has not yet commenced construction activities, are to automatically be modified to reflect the terms established by this bill, without necessitating any further action by the authority. All dates of required action by the municipal redeveloper contained in an approval are to be automatically extended by the thirty-month period corresponding to the temporary certificate of occupancy submission date established by the bill. For the purposes of the bill, demolition and site work does not constitute the commencement of construction activities. Finally, the bill provides that all proposed mixed use parking projects are to comply with Leadership in Energy and Environmental Design (LEED) standards, to the extent that the United States Green Building Council has promulgated standards for the project type proposed. It is the sponsor's intent to facilitate the construction of structured parking where undertaken or operated by a public body, as the construction of such structured parking is necessary to facilitate the effective redevelopment of densely populated areas, yet in many instances the cost of such construction has become prohibitive.

AI Summary

Committee Categories

Verlina Reynolds-Jackson (D)*,  Shavonda Sumter (D)*,  Benjie Wimberly (D)*,  Angela Mcknight (D), 

Substituted by S2677 (2R) (on 06/29/2022)

Official Document