NJ A4709

Appropriates up to $65 million from the General Fund to the New Jersey Economic Development Authority (EDA) to purchase properties from New Jersey Transit Corporation (NJT) identified as having high development potential

Requires at least $35 million from the EDA's economic growth account to be used for construction, reconstruction, rehabilitation, improvements, maintenance, and repairs of the acquired properties

Mandates the EDA purchase properties at appraised "highest and best use value" and requires NJT to retain a participation interest, receiving at least 33% of proceeds from any subsequent sale or lease by the EDA

Requires the EDA to notify the Joint Budget Oversight Committee before purchasing properties from NJT and again before developing, selling, leasing, or otherwise disposing of the acquired properties

Authorizes the EDA to develop properties for various purposes including residential units, and to sell, lease, sublease, or contribute properties as investments to public or private entities