Bill > A5789

This bill amends the New Jersey Urban Enterprise Zones Act to expand the definition of "qualified assistance fund expense" to specifically include property acquisition activities. Under the revised law, the definition now explicitly allows for purchasing, leasing, or otherwise acquiring land or other property in several contexts related to urban enterprise zones. These contexts include expenses related to improving real property of a qualified business, providing loans or grants to businesses, improving public infrastructure, and enhancing commercial or transportation corridors. The bill broadens the ways that urban enterprise zone assistance funds can be used, giving municipalities more flexibility in economic development strategies by allowing direct property acquisition as a qualifying expense. This change is intended to provide additional tools for local governments to revitalize and develop enterprise zones, potentially making it easier to assemble land for economic development projects, infrastructure improvements, or business expansion initiatives.

Government Affairs

https://www.njleg.state.nj.us/bill-search/2024/A5789