Stimulus Bill Analyzed by New Jersey Future

Summary Released on Effectiveness of New Jersey Stimulus Legislation to Aid Redevelopment

 A summary released by a New Jersey think tank makes suggestions on how to improve Assembly Bill 4084 which was adopted by the Legislature in 2009.  The bill, available here in its pamphlet law form, sought to improve New Jersey’s economic climate through several statutes providing tax breaks, grants, and other means to drive redevelopment and job creation.  The group’s report proposes several amendments to the bill to increase transparency, increase redevelopment in already developed areas rather than developing “unspoiled” lands, and to focus redevelopment around existing transit hubs.  The group cites the importance of transparency to protect the redevelopment tools in this bill from being branded with the same scandalous reputation as eminent domain.

To read New Jersey Future’s report on Assembly Bill 4084, please click here.

For more information from the New Jersey Economic Development Authority on the Urban Transit Hub Tax Credit Program discussed in the Assembly Bill, please click here.

For additional blog posts discussing eminent domain and redevelopment legislation, please see the following:

Eminent Domain Reform Legislation Fails in NJ Senate

Federal Agency Releases New Appraisal Guidelines for Financial Institutions

Spring Lake Council Enacts Anti-Eminent Domain Ordinance by Overturning Mayor’s Vetoes

New Jersey Road, Rail Projects Suspended

The author wishes to acknowledge the assistance of Cory K. Kestner, Esq., of McKirdy & Riskin, PA, in the preparation of this article.