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NJ A4226

Bill

Status

Introduced

5/2/2024

Primary Sponsor

Benjie Wimberly

Click for details

Origin

General Assembly

2024-2025 Regular Session

AI Summary

  • Extends the deadline for submitting temporary certificates of occupancy for certain mixed use parking projects in Garden State Growth Zones with populations over 125,000 from June 30, 2026 to June 30, 2028

  • Allows developers to amend applications or assign them to municipal redevelopers for projects that include visitor centers or youth centers near national historic parks, with the option to exclude those components while retaining eligibility for incentive grants

  • Modifies the definition of "project cost" to clarify that capitalized interest paid to third parties and funding of debt service reserve funds are considered costs directly related to construction

  • Maintains that mixed use parking projects near national historic parks with visitor or youth centers can receive redevelopment incentive grants covering 100% of parking component costs and 80% of non-parking component costs

  • Automatically extends all required action dates in existing authority approvals by 30 months to align with the new certificate of occupancy deadline

Legislative Description

Modifies requirements for certain projects under Economic Redevelopment and Growth Grant program.

Substituted by another Bill

Last Action

Substituted by S3097

6/28/2024

Committee Referrals

Appropriations5/13/2024
Commerce, Economic Development and Agriculture Committee5/2/2024

Full Bill Text

No bill text available