Bill > S196

This bill authorizes local governmental entities, including county and municipal governments, agencies, and economic development organizations, to enter into regional economic development partnerships. These partnerships can include various entities like businesses, educational institutions, and nonprofits, and their purpose is to engage in joint regional economic planning and formulate an economic development or redevelopment strategy. The regional economic development partnerships can be eligible for loans or grants to support their activities, and counties and municipalities can also enter into other agreements for economic development projects without forming a formal partnership. The bill requires the partnerships to be registered with the New Jersey Economic Development Authority and, if any public entities are involved, to be approved by the Department of Community Affairs.

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