NJ S1944

County governments, municipal governments, agencies, and public or private economic development organizations may join together to establish regional economic development partnerships for joint regional economic planning and formulating economic development strategies.

Partnerships may include businesses, educational institutions, nonprofits, and other regional entities, and can register with the New Jersey Economic Development Authority to utilize its resources.

Regional economic development partnerships may be eligible for loans, issue bonds under the Local Bond Law, provide direct financing to counties and municipalities, and receive matching grants for development and marketing programs.

Counties and municipalities may alternatively enter informal agreements for joint economic planning or development projects by resolution or ordinance, with approval required from the Local Finance Board.

The act takes effect on the first day of the seventh month following enactment, with the NJ Economic Development Authority and Local Finance Board authorized to take anticipatory administrative action beforehand.