A 4226 New Jersey General Assembly · 2024-2025 Regular Session

Modifies requirements for certain projects under Economic Redevelopment and Growth Grant program.

This bill extends deadlines for submitting temporary certificates of occupancy for certain redevelopment projects under New Jersey's Economic Redevelopment and Growth Grant program. Specifically, it pushes the deadline from June 30, 2026 to June 30, 2028 for mixed use parking projects and residential projects in Garden State Growth Zones with populations over 125,000 (excluding certain counties). The bill also modifies project cost definitions to include capitalized interest paid to third parties, debt service reserve funds, and up to 20% of total project costs for non-construction expenses. These changes apply to projects that were approved after specific dates and meet certain criteria related to municipal support and location.
Bill status in committee 1 of 4 stages cleared
Introduction
May 2024
Committee Review
Floor Vote
Governor
Introduced May 2, 2024 Last action Jun 28, 2024
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Full legislative history

Actions timeline

Total actions
4
Key actions
1
Committee
2
Jun 24, 2024
Lower · Passed
Reported out of Assembly Committee, 2nd Reading
lower
May 13, 2024
Committee
Reported out of Assembly Committee with Amendments and Referred to Assembly Appropriations Committee
lower
May 2, 2024
Introduced
Introduced in the Assembly, Referred to Assembly Commerce, Economic Development and Agriculture Committee
lower
2 primary · 0 co-sponsors

Sponsors