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The New Jersey Economic Recovery Act of 2020 (ERA), a seven-year, $14 billion package of incentive programs intended to encourage New Jersey job growth, property development and redevelopment, community partnerships, and numerous other economic development initiatives, was signed into law by Governor Phil Murphy on January 7, 2021.
This Client Alert focuses on the New Jersey Aspire Program, enacted as part of the ERA to provide tax credit incentives to developers to help close project financing gap costs associated with commercial, mixed use, and residential real estate development projects that could otherwise prevent those projects from becoming a reality. The Aspire Act is poised to serve as the replacement program for the Economic Redevelopment & Growth (ERG) Program.
Contractor s Lawsuit Could Hold up County s Plans for New $100M+ Government Complex
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Manalapan planning board will examine sites for possible redevelopment designation
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Credit: Amanda Brown
R. William Potter
On Jan. 14, 2021, Lt. Gov. Sheila Oliver, in her day job as commissioner of the Department of Community Affairs (DCA), sent a one-page letter to the mayor of Franklin Township in Warren County, rejecting his ill-conceived designation of 100-plus acres of prime farmland continuously tilled for nearly a century as “blighted.”
Every mayor and municipal governing body should read this letter before initiating the formal process for declaring private property an “area in need of redevelopment” the statutory euphemism for “blighted area” when there is no sign of “actual blight.” All too often the real motivation is to gain access to those extraordinary powers constitutionally limited for eradication of blight.