Provides economic development incentives for remediating and redeveloping legacy landfills, brownfields, and contaminated sites.
The bill is expected to encourage remediation activities, leading to the creation of usable land for future development while addressing pollution issues associated with these sites. By targeting sites that have previously been neglected due to their contamination status, the program could enhance local economies, improve community infrastructure, and create job opportunities. The EDA will have the power to approve up to five redevelopment projects over a five-year period, which can help streamline redevelopment processes and accelerate outcomes in New Jersey's redevelopment zones.
Senate Bill 2746, also known as the 'Landfills, Brownfields, and Contaminated Sites Redevelopment Incentive Program Act', aims to provide economic development incentives for the redevelopment of legacy landfills, brownfields, and other contaminated sites. The bill establishes a program administered by the New Jersey Economic Development Authority (EDA) in collaboration with the Department of Environmental Protection (DEP), offering significant tax benefits to developers who undertake these challenging and often costly projects. It introduces a 50% exemption from sales tax for materials and services used in redevelopment projects, fostering investment in areas previously deemed hazardous or undeveloped.
Notably, the program involves specific accountability measures. Developers must comply with various environmental standards and submit periodic progress reports to assure adherence to the redevelopment agreement. Additionally, failure to comply with the conditions set forth by the EDA can lead to benefits being rescinded. Some opponents may see the provisions as creating a high level of regulatory oversight, potentially complicating the process for developers in the future. Overall, the effectiveness of this bill will depend on balancing the incentives for developers with the need for environmental protection and community accountability.