Bill Text: NJ S3642 | 2020-2021 | Regular Session | Introduced
Bill Title: Authorizes establishment of regional economic development partnerships.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-04-19 - Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee [S3642 Detail]
Download: New_Jersey-2020-S3642-Introduced.html
Sponsored by:
Senator HOLLY T. SCHEPISI
District 39 (Bergen and Passaic)
SYNOPSIS
Authorizes establishment of regional economic development partnerships.
CURRENT VERSION OF TEXT
As introduced.
An Act authorizing establishment of regional economic development partnerships and supplementing Title 34 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. A county government, municipal government, or any agency or instrumentality thereof, including a county improvement authority, municipal economic development entity, and public or private economic development organization, or any combination thereof, may join together and enter into an agreement to establish a regional economic development partnership for the purpose of engaging in joint regional economic planning and formulating an economic development or redevelopment strategy which may include, but not be limited to, assisting existing businesses, attracting new businesses, providing incentives to retain existing businesses in the region, redeveloping existing areas or facilities, and sharing costs of a project or projects.
b. A regional economic development partnership may also include businesses, business organizations, educational institutions, nonprofit organizations, and other entities located within the region. Regional economic development partnerships formed pursuant to this section may be registered with the New Jersey Economic Development Authority and may cooperate with, and utilize the economic development resources, of the authority. If a constituent member of a partnership is a public entity within the jurisdiction of the Department of Community Affairs, the partnership agreement shall be submitted to the department for approval before it is certified by the authority. Every partnership agreement shall contain provisions for the creation of a board representing the members of the partnership to oversee the partnership's affairs.
c. Regional economic development partnerships may be eligible for loans or any available matching grants in order to carry out marketing, advertising, and promotional programs to further their activities, promote business growth and to assist existing businesses within the region.
d. Notwithstanding the foregoing, counties and municipalities, jointly or severally, may enter into an agreement other than a formal regional economic development partnership arrangement for the purpose of engaging in joint economic planning, implementing an economic development strategy, or any other economic development or redevelopment project or projects, including the sharing of the cost of the project or projects pursuant to a resolution or ordinance, as appropriate, adopted by the participating governing bodies. Local units that have negotiated an agreement pursuant to this subsection shall submit the proposed agreement to the Local Finance Board for approval.
2. This act shall take effect on the first day of the seventh month next following the date of enactment, but the New Jersey Economic Development Authority and the Local Finance Board may take such anticipatory administrative action in advance thereof as shall be necessary for the implementation of this act.
STATEMENT
This bill authorizes local governmental entities to enter into regional economic development partnerships for the purpose of engaging in joint regional economic planning and formulating an economic development or redevelopment strategy. Under the bill, regional economic development partnerships could include any combination of county governments, municipal governments, agencies or instrumentalities thereof, and public or private economic development organization. A regional economic development partnership may also include businesses, business organizations, educational institutions, nonprofit organizations, and other entities located within the region.
