Sills Cummis attorney Ted Zangari recently issued a public call for the New Jersey State Legislature to adopt a new version of the Permit Extension Act, N.J.S.A. 40:55D-136.1 et seq. The Act was signed into law in 2008 to revive and extend state, county, and local government approvals to provide the regulated community, developers, property owners, and the real estate sector with relief in recognition of the nationwide recession that began in 2007. As the recession and its effects dragged on, the Act was further extended in 2010 and 2012, and again in 2014 to deal with compounded effects of Superstorm Sandy in certain highly impacted areas. As Ted noted, now is the time to extend these protections as we adapt and respond to the current and forthcoming public health and economic crises that are impacting the country and the world.
Continue Reading The Need for a New Permit Extension Act due to the COVID-19 Health Crisis and Ensuing Economic Downturn
COVID-19 Legal Resources: It’s Not Too Early to Consider Extending Building Permits & Approvals
History doesn’t usually repeat but it often rhymes. COVID-19’s impact on construction projects will likely differ from past recessionary triggers but one thing is already clear: the setback will be severe in its depth and breadth. That’s why policymakers in Trenton should begin to consider extending building permits and approvals, just as they did during the Great Recession.
A dozen years ago, the New Jersey State Legislature approved the Permit Extension Act of 2008. By any measure, this law saved countless businesses, construction lenders and host municipalities from financial ruin and prevented what could have been a far more dire situation for the state’s economy.
So why was it so important to extend permits and approvals?
Curbside Enthusiasm: Retailers Adapt In A Time Of Crisis
Curbside pickups, already trending in shopping centers before the pandemic, will likely become a permanent feature of retail stores…along with features long associated with bank branches: automated kiosks (ATMs), dividers between customers and clerks (tellers), and drive-throughs. As with the advent of mini-fulfillment centers within stores (see my earlier post), these operational and design changes
Opportunity Zone Update
The U.S. Department of Transportation has released an interactive map that provides details about significant transportation-related facilities, such as highway exits, train stations, and bus stops, that are located in or near Opportunity Zones. Click here to read more.
National study ranked nearly 8,000 Opportunity Zone tracts in 2 categories: Newark had one in Top 10 of both
As seen on: ROI-NJ.com
The city of Newark has one of the top locations in the country for investors looking to take advantage of the new Opportunity Zone Program, according to a national study released Thursday morning.
The LOCUS National Opportunity Zone Ranking Report ranked a census tract in downtown Newark in a tie for
Legislation to Create a New Class of Restaurant Liquor Permits Clears a Big Hurdle
Assembly Bill 3494 was approved last week, with amendments, by the Assembly Appropriations Committee. The bill now heads for a vote in the full General Assembly. The State Senate is expected to take up the legislation early next year.
> Click here for a summary of the most-up-to-date version of the legislation
Bill to Establish Office to Identify NJ Transit Assets Becomes Law
Source: Press Release From Senate Democratic Majority Office
Legislation (S2333) that will require the New Jersey Transit Corporation (NJ Transit) to establish an office of real estate economic development and transit-oriented development was signed into law today by Governor Phil Murphy.
The newly created office will assess and develop recommendations for economic development and transit-oriented
NJ Governor May Join Rutgers Panel to Discuss Opportunity Zones Monday
In an exclusive audio interview, Newark real estate attorney Ted Zangari says investors need to start identifying appreciated assets quickly so that they can engage in Opportunity Zone transactions before the end of 2019 to gain the maximum tax advantages.
As seen on: GlobeSt.com
By: Steve Lubetkin
With Developers waiting to learn about tax treatment
Tax Exemption for the Sale of Tax Credits Restored
Last week Governor Murphy approved legislation, Assembly bill 4495, which contained a number of technical tax changes, including the restoration of the exemption from Gross Income Tax (“GIT”) for the sale of Grow New Jersey tax credits by pass-through entities.
Since, pass-through businesses do not pay corporation business tax, these businesses must sell their Grow
Tax Exemption for the Sale of Tax Credits Restored
Last week Governor Murphy approved legislation, Assembly bill 4495, which contained a number of technical tax changes, including the restoration of the exemption from Gross Income Tax (“GIT”) for the sale of Grow New Jersey tax credits by pass-through entities.
Since, pass-through businesses do not pay corporation business tax, these businesses must sell their Grow