Bill > S2757

This bill authorizes county governments, municipal governments, and their agencies, along with public or private economic development organizations, to form regional economic development partnerships. These partnerships will engage in joint regional economic planning and develop strategies to assist existing businesses, attract new ones, redevelop areas, and share project costs. Businesses, educational institutions, and non-profit organizations within the region can also join these partnerships. Once registered with the New Jersey Economic Development Authority (NJEDA), these partnerships can utilize the authority's resources. If a public entity within the Department of Community Affairs' jurisdiction is a member, the partnership agreement must be approved by that department before being certified by the NJEDA. The agreements will establish a board to oversee the partnership's operations. These partnerships may be eligible for loans and matching grants for marketing and promotional activities to foster business growth. The bill also allows counties and municipalities to enter into less formal agreements for joint economic planning and projects, subject to approval by the Local Finance Board.