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NJ A5546
Bill
Status
7/22/2025
Primary Sponsor
Anthony Verrelli
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AI Summary
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Grants the Capital City Redevelopment Corporation (CCRC) authority to directly issue loans and grants to projects within the Capital City District that align with the corporation's enabling legislation
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Establishes the Capital City Redevelopment Loan and Grant Fund as a nonlapsing, revolving fund within the corporation for carrying out redevelopment purposes
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Specifies that the fund shall include legislative appropriations, loan repayments, and any income or interest derived from investment of fund monies
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Authorizes the corporation to use the fund to undertake projects and finance loans or grants consistent with the capital city plan, with interest rates set below prevailing market rates to attract private participation
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Effective immediately upon approval on July 22, 2025
Legislative Description
Concerns financial powers and responsibilities of Capital City Redevelopment Corporation.
Bills and Joint Resolutions Signed by the Governor
Last Action
Approved P.L.2025, c.114.
7/22/2025