A 4321
Establishes "Urban Wealth Fund Pilot Program."
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- Passed General Assembly
- Passed Senate
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- Became Law
Bill overview
This bill establishes the "Urban Wealth Fund Pilot Program" in New Jersey, aiming to identify and manage underutilized public assets to generate revenue. The New Jersey Economic Development Authority (EDA) will oversee the program, working with state agencies and municipalities to select assets, contract with private asset management firms, and allocate increased revenue to public purposes like minority-owned business assistance, infrastructure improvements, education investments, and property tax reductions. The program’s effectiveness will be evaluated after five years, with recommendations for continuation or termination.
Sponsors
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Primary sponsor
Shanique Speight
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