Bill Text: NJ A3661 | 2012-2013 | Regular Session | Introduced
Bill Title: Requires EDA to issue report concerning conveyance of real property.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2013-01-14 - Introduced, Referred to Assembly Commerce and Economic Development Committee [A3661 Detail]
Download: New_Jersey-2012-A3661-Introduced.html
Sponsored by:
Assemblyman JOSEPH CRYAN
District 20 (Union)
Assemblyman ALBERT COUTINHO
District 29 (Essex)
SYNOPSIS
Requires EDA to issue report concerning conveyance of real property.
CURRENT VERSION OF TEXT
As introduced.
An Act requiring the New Jersey Economic Development Authority to issue a report concerning the conveyance of real property and supplementing Title 34 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. The New Jersey Economic Development Authority shall annually prepare and submit to the State House Commission, or the respective successor commission, as appropriate, a written report containing a summary of every conveyance of real property undertaken by the authority, whether the authority is the grantor or grantee, or the conveyor or conveyee, as appropriate, pursuant to subsection m. of section 5 of P.L.1974, c.80 (C.34:1B-5). The report shall include, with respect to each conveyance, the following: a. the method of conveyance; b. the circumstances under which the property was conveyed; c. the economic cost or benefit to the State; d. the rate of return to the State, if any; and e. any additional information relevant to the subject matter of the report. The conveyances detailed in the report are not subject to the approval of the State House Commission. The authority shall annually submit the report to the State House Commission not more than 90 days after July 1 of each year, beginning with the next year following the date of enactment of P.L. , c. (C. ) (pending before the Legislature as this bill).
2. This act shall take effect immediately.
STATEMENT
This bill directs the New Jersey Economic Development Authority (EDA) to annually prepare and submit to the State House Commission a written report containing a summary of every conveyance of real property undertaken by the EDA, whether the EDA is the grantor or grantee, or the conveyor or conveyee, as appropriate. This bill requires the report to include, with respect to each conveyance, the following: the method of conveyance; the circumstances under which the property was conveyed; the economic cost or benefit to the State; the rate of return to the State, if any; and any additional information relevant to the subject matter of the report. The conveyances detailed in the report are not subject to the approval of the State House Commission. The report is to be annually submitted to the State House Commission not more than 90 days after July 1 of each year, beginning with the next year following the date of enactment of this bill.
