New Jersey § 34:1b-210

§ 34:1b-210.

The Legislature finds and declares that: a. It is the policy of the State of New Jersey to stimulate economic growth and development

by efforts that are efficient and coordinated across all sectors, departments, and

agencies. b. The State's efforts to deliver effective economic growth and development assistance

and improve the New Jersey economy currently flow through a number of different programs,

enacted and amended incrementally over time, which are administered by a number of

different entities. c. Greater coordination of the State's economic development efforts will achieve benefits,

including short- and long-term budget savings during this period of unprecedented

fiscal challenges facing the State, as well as enhancements to the effectiveness of

the State's economic growth and development efforts. d. By consolidating the New Jersey Commerce Commission and transferring its primary

functions to the Division of Business Assistance, Marketing, and International Trade

in the New Jersey Economic Development Authority, the coordination of these related

but distinct functions will be advanced. e. Such consolidation will enhance the work of the Division of Business Assistance,

Marketing, and International Trade, which markets New Jersey and the opportunities

in this State to the business community of the nation and the world, and the New Jersey

Economic Development Authority, which provides financing on specific business projects,

by improving cooperation and coordination among the agencies charged with these separate

functions. f. Further, the State's economic development activities will be improved by consolidating

the New Jersey Development Authority for Small Businesses, Minorities and Women's

Enterprises into the New Jersey Economic Development Authority, which can deliver

the financial and other assistance needed for such businesses and enterprises, and

by consolidating other economic development entities. g. State efforts to classify businesses that are small or minority- or women-owned

to participate in State purchasing and procurement processes also will be more effective

if the registration and certification programs of the New Jersey Commerce Commission

are placed directly within the Department of the Treasury, which serves as the procurement

agency of the State.