Bill > S1944

This bill authorizes local governmental entities, such as county and municipal governments, along with their agencies and instrumentalities, to form regional economic development partnerships. These partnerships can also include public or private economic development organizations, businesses, business organizations, educational institutions, nonprofit organizations, and other entities within a region. The primary purpose of these partnerships is to engage in joint regional economic planning and to create strategies for economic development or redevelopment, which can involve assisting existing businesses, attracting new ones, providing incentives for businesses to stay in the region, redeveloping areas, and sharing project costs. These partnerships can be registered with the New Jersey Economic Development Authority (NJEDA) and can utilize its resources, with agreements needing approval from the NJEDA and potentially the Department of Community Affairs if a public entity is involved. The bill also allows for alternative agreements between counties and municipalities for joint economic planning or projects, which would require approval from the Local Finance Board. Partnerships formed under this bill may be eligible for loans, can issue bonds, and can receive grants to support their efforts in promoting business growth and development within their regions.