Bill > A3571

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 are designed to collaborate on joint regional economic planning and to create strategies for economic development or redevelopment, which can include supporting existing businesses, attracting new ones, revitalizing areas, and sharing project costs. The partnerships can also include businesses, educational institutions, nonprofit organizations, and other regional entities. They may register with the New Jersey Economic Development Authority (NJEDA) and leverage its resources, with agreements requiring approval from the Department of Community Affairs if a public entity within its jurisdiction is involved. A board representing partnership members will oversee its operations, and these partnerships may be eligible for loans or matching grants for marketing and promotional activities to foster business growth. Additionally, counties and municipalities can enter into less formal agreements for joint economic planning or redevelopment projects, with such agreements needing approval from the Local Finance Board.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2026/A3571