Bill > S1189

Introduced Session

This bill revises certain eligibility requirements under the New Jersey Aspire Program, which was established by the "New Jersey Economic Recovery Act of 2020," P.L.2020, c.156. The program provides tax credits to encourage redevelopment programs by covering certain project financing gap costs. Under current law, for applications submitted under the program, the New Jersey Economic Development Authority is required to review the project cost of the redevelopment project, evaluate and validate the project financing gap estimated by the developer, and conduct a State fiscal impact analysis to ensure that the overall public assistance provided to the project will result in a net positive benefit to the State, provided that the net benefit analysis does not apply to certain projects. The bill revises these criteria to require the authority to apply a net neutral benefit analysis for projects that have a total project cost of at least $17 million, including at least $3.4 million in total sustainability and resiliency costs and not less than $1,000 for each of the sustainability and resiliency costs, as applicable, enumerated in the definition for "sustainability and resiliency costs" under the bill.

Committee Categories

Raj Mukherji (D)*, 

Introduced in the Senate, Referred to Senate Commerce Committee (on 01/09/2024)

Official Document