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NJ S2748
NJ S2748Authorizes political subdivisions to require recipients of economic development incentives to enter into community benefits agreements.
summary
Introduced
02/15/2024
02/15/2024
In Committee
02/15/2024
02/15/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill authorizes any political subdivision within this State, when granting an economic development subsidy in an amount, either alone or in the aggregate, in excess of $100,000 to a developer, to condition the grant proceeds upon the grantee's promise to enter into a community benefits agreement. The bill defines "community benefits agreement" to mean a legally binding contract concerning a specific project which requires contractors and developers of the project to make specific contributions for the benefit of the community including, but not limited to, provisions related to local hiring, area wage and benefits standards, or engaging local businesses for the provision of goods and services.
AI Summary
This bill authorizes any political subdivision within New Jersey to condition the grant of an economic development subsidy exceeding $100,000 to a developer upon the developer's promise to enter into a "community benefits agreement." A community benefits agreement is a legally binding contract that requires the developer to make specific contributions for the benefit of the community, such as provisions related to local hiring, area wage and benefits standards, or engaging local businesses for goods and services.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 02/15/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S2748 |
| BillText | https://pub.njleg.gov/Bills/2024/S3000/2748_I1.HTM |
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