Bill Text: NJ S2413 | 2018-2019 | Regular Session | Introduced
Bill Title: Requires NJ UEZ authority to assess and issue report on urban enterprise zone program.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-04-05 - Introduced in the Senate, Referred to Senate Economic Growth Committee [S2413 Detail]
Download: New_Jersey-2018-S2413-Introduced.html
Sponsored by:
Senator JOSEPH P. CRYAN
District 20 (Union)
SYNOPSIS
Requires NJ UEZ authority to assess and issue report on urban enterprise zone program.
CURRENT VERSION OF TEXT
As introduced.
An Act requiring the New Jersey Urban Enterprise Zone Authority to conduct an assessment and issue a report on the urban enterprise zone program.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. In addition to the duties of the New Jersey Urban Enterprise Zone Authority required pursuant to section 6 of P.L.1983, c.303 (C.52:27H-65) and any other provisions of law, the authority shall undertake a review and analysis of the program created pursuant to the "New Jersey Urban Enterprise Zones Act," P.L.1983, c.303 (C.52:27H-60 et seq.), and shall report the findings and recommendations of the authority to the Governor and, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), to the Legislature, no later than 24 months after the effective date of P.L. , c. (C. ) (pending before the Legislature as this bill). The authority may enter into an agreement with a third party, including, but not limited to, a public institution of higher education in the State or an independent consulting firm, for purposes of preparing all or part of the report. The authority shall finance the cost of the review, analysis, and report from the account maintained in the name of the authority in the assistance fund pursuant to section 29 of P.L.1983, c.303 (C.52:27H-88).
b. The report required pursuant to subsection a. of this section shall include, but not be limited to, an assessment of the following aspects of the program created pursuant to the "New Jersey Urban Enterprise Zones Act," P.L.1983, c.303 (C.52:27H-60 et seq.):
(1) the adequacy of past funding for urban enterprise zones in furthering the goals of the "New Jersey Urban Enterprise Zones Act";
(2) whether changes are needed to address future funding for urban enterprise zones in furthering these goals; and
(3) whether an alternative, location-based program to assist fiscally distressed municipalities is appropriate, and if so, the parameters of such a program that would keep urban enterprise zone municipalities competitive while providing a sufficient return on State investment.
2. This act shall take effect immediately.
STATEMENT
This bill requires the New Jersey Urban Enterprise Zone Authority (authority) to undertake a review and analysis of the Urban Enterprise Zone program (program) and report its findings and recommendations to the Governor and the Legislature no later than 24 months after the effective date of the bill. The authority may enter into an agreement with a third party, including, but not limited to, a public institution of higher education in the State or an independent consulting firm, for purposes of preparing all or part of the report. The authority is to use funds available from the authority account in the enterprise zone assistance fund to pay for the cost of the review, analysis, and report.
The report is to include, but not be limited to, an assessment of the following aspects of the program: 1) the adequacy of past funding for urban enterprise zones in furthering the goals of the "New Jersey Urban Enterprise Zones Act"; 2) whether changes are needed to address future funding for urban enterprise zones in furthering these goals; and 3) whether an alternative, location-based program to assist fiscally distressed municipalities is appropriate, and if so, the parameters of such a program that would keep urban enterprise zone municipalities competitive while providing a sufficient return on State investment.
