New Jersey § 34:1b-334

§ 34:1b-334.

a. Beginning the year next following the year in which P.L.2020, c. 156 ( C.34:1B-269 et al.) takes effect 1 and every two years thereafter, a State college or university established pursuant

to chapter 64 of Title 18A of the New Jersey Statutes shall, pursuant to an agreement

executed between the State college or university and the authority, prepare a report

on the implementation of the program, and submit the report to the authority, the

Governor, and, pursuant to section 2 of P.L.1991, c. 164 ( C.52:14-19.1 ), to the Legislature. Each biennial report required under this section shall include a description of each

redevelopment project receiving a tax credit under the program, a detailed analysis

of the consideration given in each project to the factors set forth in sections 58

and 59 of P.L.2020, c. 156 ( C.34:1B-326 and C.34:1B-327 ), in the case of a commercial project, the return on investment for incentive awards

provided and the commercial project's impact on the State's economy, and any other

metrics the State college or university determines are relevant based upon national

best practices. The authority shall prepare a written response to the report, which the authority

shall submit to the Governor and, pursuant to section 2 of P.L.1991, c. 164 ( C.52:14-19.1 ), to the Legislature. b. On or before December 31, 2023, the authority shall submit a report to the Governor

and, pursuant to section 2 of P.L.1991, c. 164 ( C.52:14-19.1 ), the Legislature on the effectiveness of the program in encouraging development

in government-restricted municipalities, which report shall include, at a minimum,

recommendations to incentivize additional development in government-restricted municipalities

through financial assistance or other incentives that the authority determines are

appropriate. 1

L.202, c. 156, eff. Jan. 7, 2021.