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Sunday, July 21, 2024


Bill to Boost Investment Funding for UEZ Businesses Goes to Governor

By Press Release

TRENTON — Legislation sponsored by Assemblyman Bob Andrzejczak to boost capital and investment opportunities for participating Urban Enterprise Zone businesses was approved 33-0 Thurs. by the Senate, giving it final legislative approval.
The bill was approved by the Assembly on Dec. 3.
“For decades, the UEZ program has provided a shot in the arm for struggling urban cities by helping both new and established businesses grow and flourish,” said Andrzejczak (D-Cape May/Atlantic/Cumberland), whose district includes UEZs in Millville, Vineland and the Wildwoods. “With the administration ceasing funding for the program, we need to find creative ways to help participating businesses prosper and, in turn, help rebuild their communities.”
The bill (A-4685) extends to municipalities in which an Urban Enterprise Zone has been designated the opportunity to benefit from the Downtown Business Improvement Zone Loan Fund program. The bill removes from the law language that currently excludes participation in the Downtown Business Improvement Zone Loan Fund program by municipalities in which an urban enterprise zone has been created.
Under the bill, a UEZ municipality would adopt an ordinance establishing all or a portion of its zone as a special improvement district. The municipality would then have to adopt another ordinance designating all or a portion of that special improvement district as a downtown business improvement zone.
The district management corporation for the special improvement district, in partnership with the municipality that created the special improvement district, would be eligible to apply for a long-term, zero-interest rate loan from the Downtown Business Improvement Zone Loan Fund for specific purposes and expenses relating to the redevelopment and rehabilitation of property within the designated business improvement zone. These redevelopment and rehabilitation activities will directly benefit businesses operating within the downtown business improvement zone and should be an effective way of transforming the loans into greater employment and business activity within that zone.
The bill now goes to the governor.

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