New Jersey § 40a:20-2

§ 40a:20-2.

The Legislature finds that in the past a number of laws have been enacted to provide

for the clearance, replanning, development, and redevelopment of blighted areas pursuant

to Article VIII, Section III, paragraph 1 of the New Jersey Constitution . These laws had as their public purpose the restoration of deteriorated or neglected

properties to a use resulting in the elimination of the blighted condition, and sought

to encourage private capital and participation by private enterprise to contribute

toward this purpose through the use of special financial arrangements, including the

granting of property tax exemptions with respect to land and the buildings, structures, infrastructure and other valuable

additions to and amelioration of land, provided that the construction or rehabilitation

of buildings, structures, infrastructure and other valuable additions to and amelioration

of land constitute improvements to blighted conditions . The Legislature finds that these laws, separately enacted, contain redundant and

unnecessary provisions, or provisions which have outlived their usefulness, and that

it is necessary to revise, consolidate and clarify the law in this area in order to

preserve and improve the usefulness of the law in promoting the original public purpose. The Legislature declares that the provisions of this act are one means of accomplishing

the redevelopment and rehabilitation purposes of the “Local Redevelopment and Housing

Law,” P.L.1992, c. 79 ( C.40A:12A-1 et al.) through the use of private entities and financial arrangements pertaining

thereto, and that this act should be construed in conjunction with that act.