New Jersey § 34:1b-384

§ 34:1b-384.

The Legislature finds and declares that: a. The New Jersey Economic Development Authority can effectively utilize cultural

arts institution facilities as catalysts for broad economic development in targeted

communities. Under the legislation, facilities engaged in the cultural, educational, or artistic

enrichment of the people of this State are provided with the opportunity to facilitate

targeted development, utilizing proceeds from the sale of State tax credits. This approach harnesses the ability of cultural arts institution facilities to attract

visitors and businesses to the State by leveraging the incalculable economic and cultural

benefits of building and supporting world class cultural arts institutions. b. Projects involving the development or rehabilitation of a cultural arts institution

facility are inherently beneficial to the State because they provide vital contributions

to the communities in which they are located, and together the arts community provides

immeasurable economic and cultural benefits to the State. c. Through a competitive application process, a cultural arts institution will make

its case for an amount of tax credits necessary for a project to be able to establish

occupancy costs at a competitive level. d. The Legislature declares that two principal objectives underscore the policy approach

of this legislation: first, that providing spaces for arts and culture to flourish

will result in thriving communities; and second, the State must help to provide these

spaces through an incentives program that better reflects the economics of arts and

culture facilities and that the current suite of real estate programs cannot succeed

in this endeavor.