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Assembly Commerce and Economic Development Committee Statement to Assembly, No. 5420 (May 5, 2021)

Summary

Assembly Commerce and Economic Development Committee statement to Assembly, No. 5420, State of New Jersey, dated May 5, 2021, reporting Assembly Bill No. 5420 favorably. The bill would require the New Jersey Economic Development Authority (EDA) and the New Jersey Redevelopment Authority (NJRA) to each issue an annual report on grant and loan programs that are not currently subject to a statutory reporting requirement. It would also require a report every six months on programs established and administered during a state of emergency. The reports would include the name and location of each entity assisted, the type of assistance given, and the amount of capital investment to be provided by the entity.

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Cite this document

“Assembly Commerce and Economic Development Committee Statement to Assembly, No. 5420 (May 5, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-05-05-ace-a5420-s1-12f94cd94f/, SHA-256 11d754d65f5fbdeb4efc1ecbcc66a528d1fdf2f2798edf72b85ed6bb0b91e516.

Full text

ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                          STATEMENT TO

                     ASSEMBLY, No. 5420

       STATE OF NEW JERSEY
                             DATED: MAY 5, 2021

          The Assembly Commerce and Economic Development Committee
      reports favorably Assembly Bill No. 5420.
         This bill would require the New Jersey Economic Development
      Authority (EDA) and the New Jersey Redevelopment Authority
      (NJRA) to each issue an annual report on grant and loan programs
      they operate which are not currently subject to a statutory reporting
      requirement. The bill would require the EDA and NJRA to report
      both on: programs they create under general statutory powers but in
      the absence of a statutory requirement; and statutorily-created
      programs that do not currently contain a reporting requirement.
         Additionally, the bill would require EDA and NJRA to submit a
      report every six months on programs established and administered
      during a state of emergency.
         Reports required under the bill would include information
      concerning: the name of entities assisted, the location of each entity
      assisted, the type of assistance given by the authority, the number of
      jobs expected to be created or retained because of the assistance,
      and the amount of capital investment to be provided by the entity.
      The bill would require EDA and NJRA to make these reports
      available on their websites.

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