Bill > A4709

Introduced Session

This bill provides the New Jersey Economic Development Authority (EDA) with monies to be used to purchase properties from the New Jersey Transit Corporation (NJT) that the EDA identifies as suitable for, among other purposes, development, rehabilitation, and leasing opportunities that maximize the development potential of the properties. Under the bill, the EDA would be permitted to access funds from the EDA's economic growth account in an amount not less than $35,000,000. Purposes for which these funds may be used under the bill would include construction, reconstruction, rehabilitation, improvements, alterations, equipping, maintenance, and repairs of certain properties that are identified as suitable to economic growth potential. The EDA would also be permitted to award and enter into construction contracts, purchase orders, and other contracts with respect to such properties. Additionally, the bill appropriates an amount not to exceed $65 million from the General Fund to the EDA for the purpose of purchasing properties from NJT that are identified by the EDA to maximize the development potential of such properties. Under the bill, the EDA would be required to purchase the properties at a price based on appraisals obtained by the EDA of the highest and best use value of the properties, and NJT would be required to maintain a participation interest in each property. The bill also provides that if the EDA sells or leases any of these properties to a public or private entity, the EDA would be required to pay no less than 33 percent of the proceeds of the sale or lease, as applicable, to NJT. The bill requires the EDA to notify the Joint Budget Oversight Committee (JBOC) that properties have been identified, but before the purchase of any land, in order for the EDA and NJT to provide JBOC with a joint presentation regarding details of the proposed conveyance. The bill further requires the EDA to notify JBOC before developing, redeveloping, constructing, reconstructing, rehabilitating, renovating, selling, leasing, subleasing, or contributing as an investment the properties acquired from NJT. This EDA presentation would detail the intended actions to be taken with respect to the properties.

AI Summary

Committee Categories

Ellen Park (D)*,  Gary Schaer (D)*,  Benjie Wimberly (D)*,  Carol Murphy (D),  Verlina Reynolds-Jackson (D), 

Substituted by S3519 (on 06/28/2024)

Official Document