NJ S5025

Exempts certain transformative projects from the net positive benefits test required under the New Jersey Aspire Program when the project is located in a government-restricted municipality that serves as a county seat of a second-class county and is near a multi-modal transportation hub, higher education institution, and healthcare facility serving underrepresented populations

Grants automatic "special economic importance" designation to qualifying transformative projects meeting the same geographic and proximity criteria, which allows access to enhanced tax credit benefits

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

Mandates creation of a community advisory committee comprising diverse community representatives to oversee implementation of community benefits agreements, monitor compliance, and produce annual public reports

Applies to applications submitted on or after the effective date of the bill and amends P.L.2020, c.156 governing the New Jersey Aspire Program's incentive award requirements