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Committee Statement to Assembly, No. 4690 - Assembly Commerce and Economic Development (December 14, 2020)

Summary

A statement of the Assembly Commerce and Economic Development Committee to the Assembly on Assembly Bill No. 4690 of the State of New Jersey, dated December 14, 2020. The committee reports the bill favorably. The bill would expand the criteria for a municipality to become eligible for assistance from the New Jersey Redevelopment Authority (NJRA), so that a municipality is eligible if, at the time of the initiation of a project, it had established a special improvement district. The statement also describes the earlier eligibility criteria and a 2015 amendment under which a nominated municipality must have ranked in the top 20 percent of the Municipal Distress Index and be approved by the NJRA board.

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“Committee Statement to Assembly, No. 4690 - Assembly Commerce and Economic Development (December 14, 2020).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-12-14-ace-a4690-s1-0d35c86045/, SHA-256 62e16b771c5ebc52510318d1c806e98c25b98b925ae4ab6655f8f9f561a17786.

Full text

ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                           STATEMENT TO

                      ASSEMBLY, No. 4690

       STATE OF NEW JERSEY
                         DATED: DECEMBER 14, 2020

          The Assembly Commerce and Economic Development Committee
      reports favorably Assembly Bill No. 4690.
          This bill would expand the criteria for a municipality to become
      eligible for assistance from the New Jersey Redevelopment Authority
      (NJRA). Under the bill, a municipality would be eligible for NJRA
      assistance if, at the time of the initiation of a project, the municipality
      had established a special improvement district.
          Originally, to qualify for NJRA assistance, at the time of the
      “initiation of a project” a municipality had to either: be eligible to
      receive aid under the "Special Municipal Aid Act," P.L.1987, c.75
      (C.52:27D-118.24 et seq.), or be coextensive with a school district
      which qualified for designation as a "special needs district" pursuant to
      the "Quality Education Act of 1990," P.L.1990, c.52 (C.18A:7D-1 et
      seq.). A 2015 amendment to the NJRA statute (P.L.2015, c.56)
      expanded the NJRA eligibility criteria to permit the Commissioner of
      Community Affairs to nominate a municipality within a county as a
      “qualified municipality,” for a five-year period, if no other
      municipality within the county qualifies. Under the 2015 amendment,
      a nominated municipality must have ranked in the top 20 percent of
      the Municipal Distress Index and be approved by NJRA’s board.

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