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Shakeup in New Jersey Redevelopment Funds Allocation

The New Jersey Economic Opportunity Act of 2013, A-3680 is wending its way through the Statehouse with major bipartisan sponsorship and both rural and urban support. Something for everyone! Guess who pays?
The announced purpose of the bill is to increase the benefits associated with the Grow New Jersey Assistance Program to make it “the State’s premier business attraction and retention incentive” designed to compete with the financial incentives offered by competing States.

The other purpose is to expand the Economic Redevelopment and Growth Grant Program to be New Jersey’s sole redeveloper incentive, tweaked to be more attractive and designed to specifically provide bonuses for “public policy objectives” such as bringing fresh produce to urban “food deserts,”, and rebuilding tourism destinations. Sounds like some log-rolling.

The new legislation would phase out the Business Retention and Relocation Assistance Grant Program, the Business Employment Incentive Program, and the Urban Transit Hubcap tax Credit Program. Now you know where the wind blows.

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Helmer, Conley & Kasselman, P.A.

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