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Bill > A338
NJ A338
NJ A338Authorizes political subdivisions to require recipients of economic development incentives to enter into community benefits agreements.
summary
Introduced
01/27/2016
01/27/2016
In Committee
06/12/2017
06/12/2017
Crossed Over
Passed
Dead
01/08/2018
01/08/2018
Introduced Session
2016-2017 Regular Session
Bill Summary
This bill authorizes any political subdivision within this State, when entering into an economic development subsidy granting an amount in excess of $100,000 to a developer, to condition the grant proceeds upon the grantee's promise to enter into a community benefits agreement. The bill defines "community benefits agreement" to mean a legally binding contract concerning a specific project which requires contractors and developers of the project to make specific contributions for the benefit of the community including, but not limited to, provisions related to local hiring, area wage and benefits standards, or engaging local businesses for the provision of goods and services.
AI Summary
This bill authorizes any political subdivision within New Jersey to condition the grant of an economic development subsidy exceeding $100,000 on the grantee's promise to enter into a "community benefits agreement." A community benefits agreement is a legally binding contract that requires the project's contractors and developers to make specific contributions to the local community, such as provisions related to local hiring, area wage and benefits standards, or engaging local businesses for goods and services. The bill defines "economic development subsidy" to include various forms of financial assistance provided by a political subdivision to a recipient business for the purpose of stimulating economic development in New Jersey.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Reported out of Assembly Committee, 2nd Reading (on 06/12/2017)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2016/Bills/A0500/338_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2016/Bills/A0500/338_I1.PDF |
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