Bill > S4408

This bill amends the New Jersey Urban Enterprise Zones Act to expand the definition of "qualified assistance fund expense" to explicitly include the purchasing, leasing, or acquiring of land or other property in several contexts related to urban enterprise zones (UEZ). Specifically, the bill broadens existing provisions to allow Urban Enterprise Zone assistance funds to be used for property acquisition in connection with construction projects improving qualified business properties, business loans and grants, public infrastructure improvements, and commercial or transportation corridor developments. The bill clarifies that these funds can now be more flexibly used to support property acquisition as part of economic development efforts in designated enterprise zones, which are economically distressed areas aimed at stimulating business activity and community revitalization. The changes provide urban enterprise zone administrators and municipalities with greater latitude in using assistance funds to support strategic land and property acquisitions that could potentially enhance economic development in these targeted zones. The bill takes effect immediately upon enactment, allowing for prompt implementation of these expanded funding provisions.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S4408