Bill
Bill > S3519
NJ S3519
NJ S3519Provides monies for EDA to purchase certain properties from NJT to maximize development potential; appropriates $65 million.
summary
Introduced
06/26/2024
06/26/2024
In Committee
06/26/2024
06/26/2024
Crossed Over
06/28/2024
06/28/2024
Passed
06/28/2024
06/28/2024
Dead
Signed/Enacted/Adopted
06/28/2024
06/28/2024
Introduced Session
2024-2025 Regular Session
Bill Summary
An Act concerning the purchase of certain properties owned by the New Jersey Transmit Corporation, amending P.L.1992, c.16, supplementing Title 34 of the Revised Statutes, and making an appropriation.
AI Summary
This bill provides $65 million in funding to the New Jersey Economic Development Authority (EDA) to purchase certain properties from the New Jersey Transit Corporation (NJT) in order to maximize the development potential of those properties, which may include residential, commercial, or other types of development. The EDA must notify the Joint Budget Oversight Committee before purchasing properties from NJT or developing the acquired properties, allowing the committee to provide input. The bill also requires NJT to maintain a 33% participation interest in the proceeds from any future sale or lease of the properties by the EDA.
Committee Categories
Budget and Finance
Sponsors (7)
Gordon Johnson (D)*,
Ellen Park (D)*,
Paul Sarlo (D)*,
Gary Schaer (D)*,
Benjie Wimberly (D)*,
Carol Murphy (D),
Verlina Reynolds-Jackson (D),
Last Action
Approved P.L.2024, c.25. (on 06/28/2024)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S3519 |
| BillText | https://pub.njleg.gov/Bills/2024/PL24/25_.HTM |
| BillText | https://pub.njleg.gov/Bills/2024/AL24/25_.HTM |
| Fiscal Note - Fiscal Estimate 7/3/24; as introduced | https://pub.njleg.gov/Bills/2024/S4000/3519_E1.PDF |
| Analysis - Statement SBA 6/26/24 | https://pub.njleg.gov/Bills/2024/S4000/3519_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S4000/3519_I1.HTM |
Loading...