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NJ S2258
NJ S2258Authorizes political subdivisions to require recipients of economic development incentives to enter into community benefits agreements.
summary
Introduced
03/08/2018
03/08/2018
In Committee
05/14/2018
05/14/2018
Crossed Over
Passed
Dead
01/08/2020
01/08/2020
Introduced Session
2018-2019 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 political subdivisions within New Jersey to condition the provision of economic development subsidies exceeding $100,000 on the recipient's agreement 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 community, such as local hiring provisions, area wage and benefits standards, engaging local businesses, or other negotiated activities in exchange for the subsidy. The bill defines "economic development subsidy" broadly to include various forms of financial assistance provided by political subdivisions to businesses for the purpose of stimulating economic development in New Jersey.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Reported from Senate Committee with Amendments, 2nd Reading (on 05/14/2018)
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/2018/Bills/S2500/2258_R1.HTM |
| Bill | https://www.njleg.state.nj.us/2018/Bills/S2500/2258_R1.PDF |
| BillText | https://www.njleg.state.nj.us/2018/Bills/S2500/2258_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2018/Bills/S2500/2258_I1.PDF |
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