Provides monies for EDA to purchase certain properties from NJT to maximize development potential; appropriates $65 million.

This bill appropriates $65 million from the General Fund to the New Jersey Economic Development Authority (EDA) to purchase specific properties from New Jersey Transit (NJT). The EDA must buy these properties at appraised "highest and best use" value and can develop, lease, or sell them for commercial or residential use to maximize economic potential. NJT retains a 33% share of proceeds from any future sale or lease of these properties. The EDA must notify the Joint Budget Oversight Committee before purchasing or developing the properties, requiring a joint presentation with NJT about the transaction terms.