Concerns contracting powers of certain local entities related to redevelopment.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill amends the contracting powers of certain local entities in New Jersey, particularly those involved in redevelopment. It modifies existing legislation to clarify and expand the authority of these entities to enter into contracts, lease property, and borrow money for redevelopment projects. Specifically, it updates sections related to loan provisions, leasing agreements, and the use of funds for renewable energy and PACE projects. The bill also addresses the process for awarding contracts, particularly when competitive bidding is not required.
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