NJ A6298

Grants automatic "special economic importance" status to transformative projects in government-restricted municipalities that are also county seats of second-class counties and located near multi-modal transportation hubs, higher education institutions, and healthcare facilities serving underrepresented populations

Exempts qualifying projects from the net positive benefits test requirement, which normally requires the NJ Economic Development Authority to verify that public assistance will result in net positive fiscal impact to the State

Requires developers of qualifying projects to enter into community benefits agreements with the authority and local municipality, including provisions for training, employment, youth development, and services to underserved communities

Mandates creation of community advisory committees comprising local residents and community groups to oversee implementation of community benefits agreements and produce annual public reports

Applies specifically to projects under the New Jersey Aspire Program with total costs of at least $150 million and minimum square footage requirements for new or substantially renovated space