Redevelop NJ

Op-Ed: Tax Incentives Are Vital to N.J. So Says This Progressive

As seen on:  ROI-NJ.com
By: Raymond Lesniak

Beginning with Gov. Jon Corzine and expanded under Gov. Chris Christie, New Jersey’s corporate tax incentives have been criticized by many progressive and conservative organizations as corporate welfare costing the state billions of tax revenues....

Link to full op-ed

Bill Expanding Issuance of Alcoholic Beverage Licenses Advances

Bill Allows Issuance of Additional Alcoholic Beverage Licenses within Boundaries of Formally Owned or Operated Military Installations

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Source: News From The Assembly Democrats

Legislation sponsored by Assembly Democrats Eric Houghtaling, Joann Downey and Joseph Egan to issue additional alcoholic beverage licenses to a project area in three municipalities and at which a federally owned or operated military installation is closed and transferred to a government entity for the purpose of conversion, redevelopment, or revitalization advanced Monday in the Assembly.

Under the current law, a municipality may issue one plenary retail consumption license, for bars and restaurants, for each 3,000 of its population. This bill provides that an increase in population resulting from residential development in a formerly federally owned or operated military installation would not be included in the calculation issued to new licenses.

Murphy Reactivates UEZs in 5 Communities: Bridgeton, Camden, Newark, Plainfield, Trenton

As seen on:  ROI-NJ.com

Gov. Phil Murphy’s decision to reactivate Urban Enterprise Zones for five years in five communities across the state was met with applause from municipal and association leaders.

Murphy signed legislation Wednesday to reinstate UEZs in Bridgeton, Camden, Newark, Plainfield and Trenton until Dec. 31, 2023.

Link to full article

New Jersey “Opportunity Zones” Just Revealed

By: Ted Zangari, Esq. and Jaime Reichardt, Esq.

The U.S. Department of Treasury’s Community Development Financial Institutions Fund has just released the list of New Jersey’s approved Opportunity Zones. The Opportunity Zones are identified by specific census tracts provided below. 

The federal Opportunity Zone program is a new tax incentive designed to direct investor capital into various low-income and distressed areas around the country. On March 21, Governor Murphy submitted New Jersey’s list of eligible census tracts seeking Opportunity Zone designation.

Gov. Murphy Announces “Opportunity Zones” Recommended to Federal Government

New Opportunities for Urban and Distressed Areas

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By: Ted Zangari, Esq. and Jaime Reichardt, Esq.

The newly enacted federal Opportunity Zone program could be a game changer for economic development and tax incentive policy here in New Jersey and across the country. The program provides a new avenue for directing investment into certain urban and distressed areas with significant tax benefits.

The Opportunity Zone program was enacted as part of the recently signed Tax Cuts and Jobs Act and provides an opportunity to defer current capital gains and reduce future gains for investing in certain funds organized to direct capital into businesses and property based in the specified zones. The designated zones are selected by the Governor of each state from certain eligible low-income community census tracts, or those eligible for New Market Tax Credit projects.

Appellate Division Affirms Pro-Developer Decision Regarding Redevelopment Area Designation

The Superior Court of New Jersey, Appellate Division, recently affirmed an unpublished decision of the Law Division that reached two conclusions favorable to developers.  In that prerogative writ action, a resident asserted numerous challenges to the designation of thirteen properties as an area in need of redevelopment, pursuant to the Local Redevelopment and Housing Law.

Bill to Allow ERG Bond Financing Nears Vote

As seen on:  NJBIZ.com
By: Mario Marroquin

The state assembly is set to vote Thursday on a bill that would allow developers to issue bonds backed by commercial development grants from the Economic Development Authority.

Link to full article

East Brunswick Redevelopment and the Affordable Housing Crisis in New Jersey

As seen on:  TapInto.net
By: DR. BRAD COHEN, MAYOR OF EAST BRUNSWICK

As East Brunswick embarks on a transformative redevelopment plan, its mayor has penned an excellent letter to his constituents on the subject of affordable housing that is worth re-posting here.

Link to full article

Making Land in NJ: Legislature Breathes New Life into Environmental Cleanup Grants to Facilitate Brownfield Redevelopment

By:  Susan C. Karp, Esq.

On his last day in office, Governor Christie last week expanded the existing Hazardous Discharge Site Remediation Fund grant program by allocating funds to a much wider array of contaminated sites in  municipalities throughout the state.  The funds can now be used to identify, characterize and remediate blighted or underutilized properties, and developers can now consider those sites for ultimate redevelopment.

The Hazardous Discharge Site Remediation Fund was created in 1993 as part of NJ’s Brownfield and Contaminated Site Remediation Act and is administered by the NJ Department of Environmental Protection and the NJ Economic Development Authority.  Among other purposes, the fund provides grants to municipalities to investigate and clean up contaminated properties.  Funds are derived from a percentage of NJ’s Corporate Business Tax. 

ADAPTIVE RE-USE: Relief on Tap for Owners of “Stranded” Shopping Centers and Office Parks

Proposed Legislation Would Permit Conversion to
Mixed-Use Projects without Obtaining Use Variance

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By: Adam J. Faiella, Esq.

Legislation introduced this week in Trenton would provide a temporary relief period during which owners of certain underutilized shopping centers and office parks could qualify to convert such properties to mixed-use projects without the need to obtain a use variance from the host municipality.

The bill, A-5229, introduced by Assemblyman Louis D. Greenwald, would provide for a 25-month period commencing with the effective date of the bill during which a proposed mixed-use development would automatically be deemed a permitted use if certain criteria are met.  The legislation would override local zoning standards and permit developers to redevelop these stranded assets without the need for a use variance, allowing developers to seek required approvals from the local Planning Board if the required submission is made within the 25-month period.