Bill Text: NJ A4685 | 2014-2015 | Regular Session | Introduced
Bill Title: Permits municipality with UEZ to participate in Downtown Business Improvement Zone Loan Fund.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Introduced - Dead) 2015-12-03 - Substituted by S3004 (1R) [A4685 Detail]
Download: New_Jersey-2014-A4685-Introduced.html
Sponsored by:
Assemblyman BOB ANDRZEJCZAK
District 1 (Atlantic, Cape May and Cumberland)
Assemblyman GORDON M. JOHNSON
District 37 (Bergen)
SYNOPSIS
Permits municipality with UEZ to participate in Downtown Business Improvement Zone Loan Fund.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning municipal eligibility for certain redevelopment and rehabilitation loan programs and amending P.L.1998, c.115.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 2 of P.L.1998, c.115 (C.40:56-71.2) is amended to read as follows:
2. [With the exception of a municipality in which an urban enterprise zone has been designated, any] Any municipality which has adopted or adopts an ordinance authorizing the establishment of a special improvement district pursuant to section 7 of P.L.1972, c.134 (C.40:56-71) may, by ordinance, designate all or any portion of that district which contains primarily businesses providing retail goods and services as a "downtown business improvement zone[.] ," notwithstanding that the designated zone is located within an urban enterprise zone.
(cf: P.L.2015, c.95, s.9)
2. This act shall take effect immediately.
STATEMENT
This bill addresses the lack of opportunity for businesses located in an urban enterprise zone (UEZ) to benefit from the Downtown Business Improvement Zone Loan Fund program operated by the Department of Community Affair's Office of Main Street New Jersey & Improvement District Programs. Eliminating the restriction on municipalities with UEZs from participating in the loan fund program is a common-sense measure in light of the Administration's current policy of ending UEZ funding support for municipalities.
The sponsor believes that businesses located in urban enterprise zones are especially in need of money to fund redevelopment and rehabilitation opportunities in order to maximize their ability to assist in the improvement of the financial and employment conditions within the urban enterprise zone. This bill would remove language from the law that currently excludes participation in the Downtown Business Improvement Zone Loan Fund program by municipalities in which an urban enterprise zone has been created. Under the bill, a municipality would still be required to adopt an ordinance establishing all or a portion of its urban enterprise zone as a special improvement district. The municipality would then have to adopt another ordinance designating all or a portion of that special improvement district as a downtown business improvement zone. The district management corporation for the special improvement district, in partnership with the municipality that created the special improvement district, would be eligible to apply for a long-term, zero-interest loan from the Downtown Business Improvement Zone Loan Fund for specific purposes and expenses relating to the redevelopment and rehabilitation of property within the designated business improvement zone. These redevelopment and rehabilitation activities will directly benefit businesses operating within the downtown business improvement zone and should be an effective way of transforming the loans into greater employment and business activity within that zone.
