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Bill

A 2796

Authorizes establishment of regional economic development partnerships.

2024-2025 Regular Session Introduced by Lou Greenwald and 2 co-sponsors

Authorizes counties and municipalities to form regional economic development partnerships with joint planning, NJEDA financing, and a governing board; optional cost-sharing path.

Introduced in the Assembly, Referred to Assembly State and Local Government Committee
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Bill Summary · A 2796

Summary of New Jersey A-2796: Authorizes Establishment of Regional Economic Development Partnerships

Overview

A-2796, introduced January 9, 2024, and referred to the Assembly State and Local Government Committee, would authorize local governments and related entities to form regional economic development partnerships. The act would supplement Title 34 of the Revised Statutes and provide a framework for joint regional planning and development strategies, potentially including public and private partners.

Purpose

  • To enable counties, municipalities, and related agencies to collaborate across borders on regional economic planning and redevelopment.
  • To formulate, implement, and potentially fund economic development or redevelopment strategies that support existing businesses, attract new investment, and redevelop regional areas.

Key Provisions

1. Formation and Membership

  • Local governments and related entities (county governments, municipal governments, county improvement authorities, municipal economic development entities, public or private economic development organizations) or combinations thereof may join to establish a regional economic development partnership.
  • The partnership’s purpose includes joint regional planning and creating an economic development or redevelopment strategy, with activities such as assisting existing businesses, attracting new businesses, retaining current employers, redeveloping areas, and sharing project costs.

2. Eligible Partners and Governance

  • Partnerships may include additional regional participants: businesses, business organizations, educational institutions, nonprofits, and other regional entities.
  • Partnerships formed under the act may be registered with the New Jersey Economic Development Authority (NJEDA) and may cooperate with, and utilize, the Authority’s resources.
  • If a constituent member is a public entity under the Department of Community Affairs, the partnership agreement must be submitted to that department for approval before NJEDA certification.
  • Every partnership agreement must include provisions for a board representing the partnership members to oversee its affairs.

3. Financing and Incentives

  • Regional partnerships may be eligible for loans or matching grants to support marketing, advertising, and promotional programs, advance business growth, and assist regional businesses.

4. Alternative Arrangements

  • Counties and municipalities may instead pursue a non-formal regional planning arrangement for joint economic planning, implementing an economic development strategy, or other projects, including cost sharing. Such agreements, if negotiated, must be submitted to the Local Finance Board for approval.

Effective Date

  • The act would take effect on the first day of the seventh month after enactment. The NJEDA and Local Finance Board may undertake anticipatory administrative actions to implement the act in advance of the effective date.

Legislative Actions and Related Bills

  • Introduced in the Assembly on January 9, 2024; referred to Assembly State and Local Government Committee.
  • Related companion bill: S 2099.

Potential Impact

  • Creates a formal, multi-entity framework for regional economic development planning and investment.
  • Expands eligibility for NJEDA support and potential grants for regional marketing and development activities.
  • Introduces a governance structure (a representative board) and mandatory approvals when public entities within the DCA jurisdiction participate.
  • Provides an optional pathway for non-formal, cost-sharing regional collaborations outside a formal partnership, subject to Local Finance Board oversight.

Compiled from official sources — confirm details with the bill’s official record.

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