New Jersey § 52:27h-61

§ 52:27h-61.

The Legislature finds and determines : a. That there persist in this State, particularly in its urban centers, areas of economic

distress characterized by high unemployment, low investment of new capital, blighted

conditions, obsolete or abandoned industrial or commercial structures, and deteriorating

tax bases. b. That the severe and persistent deterioration of these areas demands vigorous and

coordinated efforts by private and public entities to restore their prosperity and

enable them to resume significant contributions to the economic and social life of

the State. c. That the economic revitalization of these areas requires application of the skills

and entrepreneurial vigor of private enterprise; and it is the responsibility of

government to provide a framework within which encouragement be given to private capital

investment in these areas, disincentives to investment be removed or abated, and mechanisms

be provided for the coordination and cooperation of private and public agencies in

restoring the economic viability and prosperity of these areas. d. That certain urban areas which continue to experience high levels of unemployment

should be able to continue to receive the aforementioned assistance and incentives

necessary to promote economic revitalization of those areas. e. That a business district with urban enterprise zones adjacent to it on two or more

sides can be negatively impacted because the businesses in the adjacent enterprise

zones are permitted to collect 50% less sales tax and thus have a significant advantage

in competition for customers. The impacted business district can become economically distressed because there

is a disincentive to businesses to invest in or stay in that business district.