Redevelop NJ

NJ-NAIOP's Special Legislative Update Breakfast

NJ-NAIOP’s Special Legislative Update Breakfast regarding the NJ Economic Stimulus Act of 2009 took place on July 30, 2009. To view select materials from this morning's breakfast program, please click on the links below:

Economic Stimulus Act of 2009 Statewide Non-residential Development Fee Provisions
PowerPoint Presentation by Kevin Moore, Member of Sills Cummis & Gross P.C. 

Developer-Oriented Highlights of the New Jersey Economic Stimulus Act of 2009

Highlights of the New Urban Transit Hub Tax Credit (UTHTC) Program
Handouts by Ted Zangari, Member of Sills Cummis & Gross P.C.

 

Governor Corzine Signs New Economic recovery Legislation

 

(Blog editor-in-chief Ted Zangari, founder of the Smart Growth Economic Development Coalition, second from left, watches Gov. Jon Corzine enact the NJ Stimulus Act of 2009.)

  

Long term initiatives focus on continued rebuilding of economy

NEWARK - Governor Jon S. Corzine today signed economic recovery legislation to further reinvigorate the Garden State economy through a series of enhanced economic development measures.

"Without a doubt, the current global economic crisis has presented us with of one our greatest challenges, but it is also one of our greatest opportunities," said Governor Corzine. "Last October, we introduced a far reaching and multi-faceted Economic Recovery and Assistance Plan. Today we are building upon those initiatives with this additional recovery legislation that will help our economy and citizens grow stronger and more prosperous."

The bill, S-2299/A-4048, establishes an Economic Redevelopment and Growth (ERG)

Grant Program; revises the Urban Transit Hub Tax Credit Act and the Technology Business Tax Certificate Transfer Program; places a moratorium on COAH "Statewide Non-Residential Fee Act" and authorizes grants to municipalities for affordable housing and improves the financing of higher education facilities in New Jersey.

Developer-Oriented Highlights of the New Jersey Economic Stimulus Act of 2009

This is a summary of a complex law.  You should consult an attorney for its particular application to your circumstances.

 

The New Jersey Economic Stimulus Act of 2009, which the Legislature passed last week and which is awaiting the Governor's signature into law, provides four major economic stimuli to the development community – (1) a new tax increment grant/financing program to be known as “ERGG”, (2) an expanded and improved business attraction incentive program in urban transit hubs, (3) a new tax credit for developers of residential projects in urban transit hubs, and (4) a full moratorium on the affordable housing fee for certain non-residential projects, a total or partial refund of the affordable housing fee for certain non-residential projects and a corresponding reduction or elimination of the municipal actual growth share obligation generated by such exempted non-residential projects to the extent State or Federal funds are not available to partially or fully fund the fee such projects would otherwise have generated.

To read the full report please click here.