Bill > A2796

This bill authorizes local governmental entities, such as county and municipal governments, as well as public and private economic development organizations, to form 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 areas or facilities. The partnerships may also include businesses, business organizations, educational institutions, nonprofit organizations, and other entities within the region. The partnerships can register with the New Jersey Economic Development Authority and may be eligible for loans or grants to support their activities. Additionally, counties and municipalities can enter into other agreements for the purpose of joint economic planning, economic development strategies, or cost-sharing projects, which require approval from the Local Finance Board.

Government Affairs

https://www.njleg.state.nj.us/bill-search/2024/A2796