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

Summary

Statement of the Assembly Commerce and Economic Development Committee of the State of New Jersey, dated May 5, 2021, reporting Assembly Bill 5420 favorably. The bill requires the New Jersey Economic Development Authority and the New Jersey Redevelopment Authority each to issue an annual report on grant and loan programs not currently subject to a statutory reporting requirement. They must also report every six months on programs established and administered during a state of emergency. Reports name each entity assisted, its location, the type of assistance, the jobs expected to be created or retained and the capital investment to be provided, and are posted on the authorities' websites.

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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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