New Jersey § 52:27d-460

§ 52:27d-460.

The Legislature finds and declares that: a. There are areas within certain municipalities in this State that deter private

capital investment because of the deteriorating condition of the land, buildings and

infrastructure within those areas, or that have not experienced private capital investment

due to inadequate infrastructure or adverse economic conditions. b. These areas also create an economic burden for the municipality due to the limited

tax base and underutilization of resources. c. The scarcity of resources available to municipalities for redevelopment has severely

hampered these municipalities' ability to rehabilitate these areas. d. In order to redevelop these areas in a beneficial manner, municipalities should

be provided the means to finance certain costs of redevelopment so as to open new

avenues for private investment; stimulate commercial, industrial, recreational, cultural,

entertainment, civic and educational enterprise; and create favorable conditions

for increases in economic activity, property values, employment opportunities and

the provision of affordable housing. e. The use of new redevelopment tools as a catalyst for economic revitalization can

be maximized if employed in conjunction with the redevelopment planning process established

pursuant to P.L.1992, c. 79 ( C.40A:12A-1 et al.). f. The State should consider, where appropriate, one or more of the following: whether

the redevelopment project or plan promotes approaches and concepts to reduce congestion;

enhance mobility; assist in the redevelopment of our municipalities; and otherwise

improve the quality of life of our citizens. g. It is, therefore, in the public interest to authorize the use of revenue allocation

financing by municipalities and the dedication of payments in lieu of taxes toward

the retirement of debt incurred in redevelopment, as set forth hereunder, to encourage

private investment within areas that are blighted or in need of redevelopment or would

otherwise remain unused.