ASSEMBLY, No. 5420

STATE OF NEW JERSEY

219th LEGISLATURE

 

INTRODUCED MARCH 1, 2021

 


 

Sponsored by:

Assemblyman  GORDON M. JOHNSON

District 37 (Bergen)

Assemblyman  VINCENT MAZZEO

District 2 (Atlantic)

 

 

 

 

SYNOPSIS

     Requires EDA and New Jersey Redevelopment Authority to issue reports for grant and loan programs not specifically authorized by statute and for statutorily authorized grant and loan programs where report is not required.

 

 

CURRENT VERSION OF TEXT

     As introduced.

  


An Act requiring the New Jersey Economic Development Authority and the New Jersey Redevelopment Authority to issue certain reports and supplementing Titles 34 and 55 of the Revised Statues.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    a.   The New Jersey Economic Development Authority, established pursuant to section 4 of P.L.1974, c.80 (C.34:1B-4), shall submit an annual report to the Governor, and to the Legislature in accordance with section 2 of P.L.1991, c.164 (C.52:14-19.1), for those grant and loan programs established by the authority not specifically authorized by statute and for those statutorily authorized grant and loan programs where a report is not required.  The authority shall make each report available on its website.

     b.    For programs established and administered by the authority during a state of emergency pursuant to P.L.1942, c.251 (C.App.A:9-33 et seq.), a report shall be submitted to the Governor, and to the Legislature, in accordance with section 2 of P.L.1991, c.164 (C.52:14-19.1), every six months. The authority shall make each report available on its website.

     c.     The reports required pursuant to subsection a. and subsection b. of this section shall include, but not be limited to, information concerning the name of the entities assisted, the location of each entity assisted, the type of assistance given by the authority, the number of jobs expected to be created or retained because of the assistance, and the amount of capital investment to be provided by the entity.

     d.    The provisions of this section shall not apply to any report submitted by the authority pursuant to any statutory requirement of the authority to submit a report. 

           

     2.    a.   The New Jersey Redevelopment Authority established pursuant to section 4 of P.L.1996, c.62 (C.55:19-23) shall submit an annual report to the Governor, and to the Legislature in accordance with section 2 of P.L.1991, c.164 (C.52:14-19.1), for those grant and loan programs established by the authority not specifically authorized by statute and for those statutorily authorized grant and loan programs where a report is not required.  The authority shall make each report available on its website. 

     b.    For programs established and administered by the authority during a state of emergency pursuant to P.L.1942, c.251 (C.App.A:9-33 et seq.), a report shall be submitted to the Governor and to the Legislature, in accordance with section 2 of P.L.1991, c.164 (C.52:14-19.1), every six months.  The authority shall make each report available on its website.

     c.     The reports required pursuant to subsection a. and subsection b. of this section shall include, but not be limited to, information concerning the name of the entities assisted, the location of each entity assisted, the type of assistance given by the authority, the number of jobs expected to be created or retained because of the assistance, and the amount of capital investment to be provided by the entity.

     d.    The provision of this section shall not apply to any report submitted by the authority pursuant to any statutory requirement of the authority to submit a report.

    

     3.    This act shall take effect immediately.

 

 

STATEMENT

 

     This bill requires the New Jersey Economic Development Authority (EDA) and the New Jersey Redevelopment Authority (NJRA) to issue annual reports on grant and loan programs not specifically authorized by statute and on statutorily authorized grant and loan programs where a report is not required. The bill requires the EDA and NJRA to submit a report every six months for those grant and loan programs established and administered during a state of emergency.  The reports of the EDA and NJRA are to be made available on each authority's website.  Finally, the bill does not apply to any statute already requiring the EDA or the NJRA to submit a report.