Bill > A2572

This bill expands eligibility for financing assistance from the New Jersey Redevelopment Authority (NJRA) to municipalities that are adjacent to two or more municipalities containing an urban enterprise zone, provided they meet other criteria for being a "qualified municipality" under the "New Jersey Urban Redevelopment Act." An urban enterprise zone is a designated area intended to stimulate economic development. Previously, only municipalities directly meeting specific criteria for aid or having a "special needs district" school district could qualify. This bill adds a third category for qualification: being adjacent to two or more municipalities with urban enterprise zones. However, for this newly eligible category of municipalities, any projects funded by the NJRA must be located on the border of an urban enterprise zone. The bill also makes minor administrative changes, such as updating department names and clarifying the process for appointing members to the NJRA.