Bill Text: NJ A3640 | 2014-2015 | Regular Session | Introduced
Bill Title: Establishes young entrepreneurs program in EDA.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2014-09-15 - Introduced, Referred to Assembly Commerce and Economic Development Committee [A3640 Detail]
Download: New_Jersey-2014-A3640-Introduced.html
Sponsored by:
Assemblywoman CAROLINE CASAGRANDE
District 11 (Monmouth)
SYNOPSIS
Establishes young entrepreneurs program in EDA.
CURRENT VERSION OF TEXT
As introduced.
An Act creating a young entrepreneurs program in the New Jersey Economic Development Authority and supplementing Title 34 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. For purposes of P.L. , c. (C. ) (pending before the Legislature as this bill):
"Authority" means the New Jersey Economic Development Authority established by P.L.1974, c.80 (C.34:1B-1 et seq.).
"Economic development organization" means an organization whose primary purpose is to promote the development, recruitment, promotion, or retention of business within a defined geographic area within the State.
"State institution of higher education" means Rutgers, The State University of New Jersey, Rowan University, and the New Jersey Institute of Technology, and any of the State colleges or universities established pursuant to chapter 64 of Title 18A of the New Jersey Statutes, but does not include any county college established pursuant to chapter 64A of Title 18A of the New Jersey Statutes.
"Young entrepreneur" means an individual who: a. is enrolled in a State institution of higher education and pursuing a major or minor in a program relating to business or the subject area in which the individual would like to start a business; or b. graduated from a State institution of higher education with a major or minor in a program relating to business, or the subject area in which the individual would like to start a business, not more than three years before submitting an application to participate in the program established pursuant to section 2 of P.L. , c. (C. ) (pending before the Legislature as this bill).
"Young entrepreneur program" or "program" means the program established by the authority pursuant to section 2 of P.L. , c. (C. ) (pending before the Legislature as this bill) to assist young entrepreneurs in starting a business in New Jersey.
2. a. The authority shall establish a program to support young entrepreneurs who wish to start a business in New Jersey.
b. Notwithstanding any other law to the contrary, the authority may use any money available to the authority to implement P.L. , c. (C. ) (pending before the Legislature as this bill).
c. A young entrepreneur who wishes to participate in the program shall apply in a manner prescribed by the authority. The application shall describe the young entrepreneur's proposals for starting a business in New Jersey, including a formal business plan, information about existing financial resources, experience, and expertise in the proposed business field, start-up needs for the proposed business, and the applicant's preferred location in the State.
d. The authority shall review an application submitted pursuant to subsection c. of this section and select a young entrepreneur permitted to participate in an auction conducted pursuant to subsection e. of this section. The authority may assist each young entrepreneur selected to participate in the program with the development of the young entrepreneur's business proposal to ensure that each proposal is professionally presented to interested bidders.
e. Under the program established pursuant to this section, the authority shall conduct at least one auction per year in which interested municipalities and economic development organizations place a bid, on the opportunity to locate a young entrepreneur's business in the municipality or area served by the economic development organization. The authority shall publicly announce the location, date, and time of an upcoming auction and the auction guidelines at least 30 days prior to the date of the auction. The authority may conduct the auction in person at a State institution of higher education or at a State government agency in New Jersey or in an online format.
f. The authority shall conduct a preview event before an auction is held pursuant to subsection e. of this section. The preview event shall be designed to introduce the young entrepreneurs selected for the auction to interested municipalities and economic development organizations. The preview event may be held at a State institution of higher education or a State government building in New Jersey.
g. Municipalities and economic development organizations may submit bids to the authority for the auction consistent with the guidelines established and announced by the authority. Bids shall include forms of assistance that a municipality or economic development organization is willing to provide to support a young entrepreneur and any conditions on the provision of that support.
h. The authority shall review each bid submitted at the auction and shall only accept the bids submitted by municipalities and economic development organizations that meet or exceed the needs of the selected young entrepreneurs. The authority shall then assist the young entrepreneur in reviewing the accepted bids and assist the young entrepreneur in selecting a winning municipality or economic development organization from among the identified bids. A bid selected by a young entrepreneur under this section is legally binding upon the parties in accordance with the terms of the selected bid.
3. The authority, in cooperation with the Department of Community Affairs, shall provide information about the program established pursuant to section 2 of P.L. , c. (C. ) (pending before the Legislature as this bill), to the public and municipalities throughout the State, and, upon request, shall assist municipalities and economic development organizations with assistance in reviewing business proposals and preparing bids for an auction held pursuant to section 2 of P.L. , c. (C. ) (pending before the Legislature as this bill).
4. The authority may impose a reasonable fee on a municipality or economic development organization that participates in an auction conducted pursuant to section 2 of P.L. , c. (C. ) (pending before the Legislature as this bill) to defray the cost of administering the program.
5. The authority shall adopt, in accordance with the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), rules and regulations to implement the purposes of P.L. , c. (C. ) (pending before the Legislature as this bill).
6. This act shall take effect on the first day of the sixth month following enactment.
STATEMENT
This bill establishes a young entrepreneurs program in the New Jersey Economic Development Authority (authority) with the purpose of connecting young entrepreneurs who wish to start businesses with municipalities and economic development organizations that would like to host businesses run by young entrepreneurs.
The young entrepreneurs program is based on an auction system. Under the system, young entrepreneurs are to submit applications to the authority. The application is to describe the young entrepreneur's proposals for starting a business in New Jersey, including a formal business plan, information about existing financial resources, experience and expertise in the proposed business field, start-up needs for the proposed business and the applicant's preferred locations. Accepted applications are then placed in the auction.
The authority is to establish rules for the auction and municipalities and economic development organizations are to submit bids to the authority. Bids are to include forms of assistance that a municipality or economic development organization is willing to provide to support a young entrepreneur and any conditions on the provision of that support. The authority is to accept only those submitted bids that meet or exceed the needs of the selected young entrepreneurs.
The authority then assists the young entrepreneur in selecting a winning municipality or economic development organization from among the identified bids. Once a young entrepreneur accepts a bid, the young entrepreneur and winning bidder are legally bound to the terms of the auction and the bid.
The authority is to coordinate with the Department of Community Affairs to publicize the existence of this program to municipalities and economic development organizations and to assist them in reviewing business proposals, submitting bids, and preparing for auctions.
