Assembly Commerce and Economic Development Committee Statement to Assembly, No. 4525 (May 14, 2026)

Summary

An Assembly Commerce and Economic Development Committee statement to Assembly, No. 4525, State of New Jersey, dated May 14, 2026, reporting the bill favorably. The bill extends to June 30, 2032, from June 30, 2028, the deadline for a developer to submit a temporary certificate of occupancy for certain qualified residential or mixed-use parking projects under the Economic Redevelopment and Growth Grant program. The extension applies to projects approved after May 1, 2017, located in a Garden State Growth Zone with a population over 125,000, except projects in the listed counties, and backed by a municipal letter of support. It also applies to certain mixed-use parking projects undertaken by a municipal redeveloper after July 29, 2022.

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ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT COMMITTEE

STATEMENT TO

ASSEMBLY,
No. 4525

STATE
OF NEW JERSEY

DATED: MAY 14,
2026

The Assembly Commerce and Economic Development
Committee reports favorably Assembly Bill No. 4525.

As reported, this bill extends the deadline for a
developer to submit a temporary certificate of occupancy for certain qualified
residential projects or mixed-use parking projects under the Economic
Redevelopment and Growth Grant program (program) to June 30, 2032. Under
current law, the deadline to submit this documentation is June 30, 2028.

Specifically, this extension applies for any
residential project or mixed-use parking project: (1) that was approved under
the program after May 1, 2017; (2) that is located in a Garden State Growth
Zone with a population over 125,000, except not including those projects
located in Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester,
Ocean, and Salem counties; and (3) for which the municipality in which the
project is located submitted a letter of support to the New Jersey Economic
Development Authority identifying up to six projects prior to July 1, 2018.

This extension also applies for any mixed-use parking
project: (1) that is undertaken by a municipal redeveloper after July 29,
2022; (2) for which a redevelopment incentive grant is awarded under the
program; and (3) that is located in a Garden State Growth Zone with a
population over 125,000, except not including those projects located in
Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Ocean, and
Salem counties.

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