Establishes Capital Project Development Loan Program to support certain large-scale redevelopment projects; appropriates $300 million.

S 639 establishes a $300 million Capital Project Development Loan Program administered by New Jersey’s Economic Development Authority (EDA). It provides low-interest loans to public colleges, state hospitals, public agencies, and non-profits for large-scale redevelopment projects supporting research, healthcare infrastructure, green initiatives, or community transformation. The program uses a revolving fund, where repayments replenish the pool for future loans, and appropriates $300 million from the state General Fund to launch the initiative. Eligible projects must align with state planning goals, and borrowers must demonstrate project feasibility and public benefit.