NJ A4321

Creates the "Urban Wealth Fund Pilot Program" administered by the New Jersey Economic Development Authority to identify undervalued publicly-owned assets capable of generating revenue and transfer their management to private asset management firms for up to 5 years.

Eligible participants include State entities and "qualified municipalities" under the New Jersey Urban Redevelopment Act, which must inventory their assets, conduct valuations, and apply to the program through an EDA-established process.

Revenue generated from assets held in the fund must be distributed annually to participating entities and may only be used for assistance to minority-owned businesses, infrastructure improvements, education investments, or property tax reductions.

The EDA must prepare a report for the Governor and Legislature before the end of year 4 with recommendations on whether to expire, extend, or make the program permanent.

Takes effect on the first day of the fourth month after enactment and expires when asset management control is returned to the original owners at the conclusion of year 5.