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Bill > S2099

NJ S2099

NJ S2099
Authorizes establishment of regional economic development partnerships.

summary

Introduced
01/09/2024
In Committee
01/30/2025
Crossed Over
Passed
Dead

Introduced Session

2024-2025 Regular Session

Bill Summary

This bill authorizes local governmental entities to enter into regional economic development partnerships for the purpose of engaging in joint regional economic planning and formulating an economic development or redevelopment strategy. Under the bill, regional economic development partnerships could include any combination of county governments, municipal governments, agencies or instrumentalities thereof, and public or private economic development organization. A regional economic development partnership may also include businesses, business organizations, educational institutions, nonprofit organizations, and other entities located within the region.

AI Summary

This bill authorizes local governmental entities, such as county and municipal governments, as well as public or private economic development organizations, to enter into regional economic development partnerships. These partnerships can engage in joint regional economic planning and formulate economic development or redevelopment strategies, which may include assisting existing businesses, attracting new businesses, providing incentives to retain existing businesses, and redeveloping existing areas or facilities. The partnerships can also include businesses, business organizations, educational institutions, public-private partnerships, nonprofit organizations, and other entities within the region. The regional economic development partnerships can be eligible for loans, issue bonds, and receive matching grants to carry out their activities, while counties and municipalities can also enter into separate agreements for joint economic planning and development projects.

Committee Categories

Housing and Urban Affairs

Sponsors (4)

Last Action

Reported from Senate Committee, 2nd Reading (on 01/30/2025)
(3 Companion Bills)

bill text

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bill summary

Document Type Source Location
State Bill Page https://www.njleg.state.nj.us/bill-search/2024/S2099
Analysis - Statement SCU 1/30/25 https://pub.njleg.gov/Bills/2024/S2500/2099_S1.PDF
Analysis - Technical Review Of Prefiled Bill https://pub.njleg.gov/Bills/2024/S2500/2099_T1.PDF
BillText https://pub.njleg.gov/Bills/2024/S2500/2099_I1.HTM
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