S616 —

S616 Senate1R Statement[First 3/3/22Reprint] STATEMENT TO   SENATE, No.

616 STATE OF NEW JERSEY 220th LEGISLATURE   withPRE-FILED SenateFOR FloorINTRODUCTION AmendmentsIN (ProposedTHE by2022 SenatorSESSION SCHEPISI)    ADOPTED:Sponsored by:

MARCHSenator  3,HOLLY  T.       These Senate floor amendments provide that projects constructed pursuant to the provisions of the bill are subject to the “Local Public Contracts Law” and provide that a regional economic development partnership may include public-private partnerships.  The amendments also provide that in addition to being eligible for loans, a regional economic development partnership may issue bonds, may directly provide financing to counties and municipalities under the provisions of the bill, and may be eligible for available matching grants in order to carry out development, marketing, advertising, and promotional programs to further their activities, promote business growth and to assist existing businesses within the region.

SCHEPISI District 39 (Bergen and Passaic) Senator  TROY SINGLETON District 7 (Burlington)   Co-Sponsored by:

Senators Greenstein, Madden and Turner         SYNOPSIS      Authorizes establishment of regional economic development partnerships.

  CURRENT VERSION OF TEXT      As amended by the Senate on March 3, 2022.

   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.  1Projects constructed pursuant to the provisions of this act shall be subject to the provisions of the “Local Public Contracts Law,” P.L.1971, c.198 (C.40A:11-1 et seq.).1      b.    A regional economic development partnership may also include businesses, business organizations, educational institutions, 1public-private partnerships,1 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 1[or] , may issue bonds, may directly provide financing to counties and municipalities pursuant to subsection d.

of this section, and may be eligible for1 any available matching grants in order to carry out 1development,1 marketing, advertising, and promotional programs to further their activities, promote business growth and to assist existing businesses within the region.  1Bonds issued pursuant to the provisions of this subsection shall be authorized and issued in accordance with the provisions of the “Local Bond Law” (N.J.S.40A:2-1 et seq.).1      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.