New Jersey § 34:1b-191

§ 34:1b-191.

The Legislature finds and declares that: a. The blighted condition of the land and buildings in certain areas of the State

discourages serious private investment, therein, a situation which is often exacerbated

by the onerous tax rates which beset those municipalities. b. The development and expansion of significant commercial and entertainment establishments

can generate tangible long-term benefits for the State, its local political subdivisions,

its businesses and its citizens. These benefits include increases in State sales and use tax revenues, employment

and local property tax revenues, and new employment opportunities. c. It is in the public interest to provide the means to finance certain costs of development

and redevelopment in order to promote private investment, to create jobs, stimulate

commercial, recreational, cultural, entertainment, civic and educational enterprises,

and otherwise create favorable conditions for increases in economic activity, property

values and employment opportunities. d. The potential for substantial gains in new tax revenues, job creation, economic

activity, increased recreational opportunities, and the enhancement of the quality

of life in the State justifies the use of public financing to encourage private investment

and to promote development and redevelopment projects that would be spurred by such

State assistance. e. It is appropriate to authorize the issuance of bonds and other notes and obligations

and to provide the basis upon which to secure contract bonds, notes or other financial

obligations issued in accordance with P.L.2007, c. 30 ( C.34:1B-190 et seq. ) with respect to financing or refinancing the project costs authorized in P.L.2007, c. 30 ( C.34:1B-190 et seq. ).