Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TRENTON-The State Assembly and Senate yesterday passed the New Jersey Economic Stimulus Act of 2009, a bill that included several measures supported by commercial real estate organizations in the state. The legislation, sponsored by Sen. Raymond J. Lesniak (D-Union), was approved by a vote of 49-27 in the Assembly and 21-18 in the Senate, according to a report in the Record.

Included in bill were several measures supported by commercial real estate groups in the state, including the Smart Growth Economic Development Coalition and NAIOP-NJ. Specifically, the bill would reduce the investment threshold under the Urban Transit Hub Tax Credit and allow for the transfer of those credits and create a substitute for Revenue Allocation District (RAD) program to be known as the Economic Redevelopment and Growth Grant (ERGG). Also included in the bill is an exemption for certain non-residential development from COAH fee obligations. Michael McGuinness, CEO of NAIOP-NJ says, “corrective legislation is needed now to encourage businesses to stay in and relocate to New Jersey in order to create private sector jobs.”

McGuinness tells GlobeSt.com, “This is a great first step to help create jobs and provide some temporary relief to the commercial real estate industry. We look forward to these various incentive programs and these relief measures taking effect immediately. Kudos to the legislature, especially Sen. Lezniak for his leadership in moving this bill forward.”

But while commercial real estate groups supported the legislation, critics contend that the bill would be a boon for developers. “In a time of economic crisis, with falling tax revenues forcing state and local governments to make deep cuts to public services and furlough employees, New Jersey and its municipalities can ill-afford to funnel needed tax revenue to private developers,” says Sarah Stecker, a policy analyst with New Jersey Policy Perspective, a non-partisan group that researches state issues.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.