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S1944 • 2026

Authorizes establishment of regional economic development partnerships.

Authorizes establishment of regional economic development partnerships.

Budget
Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Schepisi, Holly T.
Last action
2026-02-05
Official status
Referred to Senate Budget and Appropriations Committee
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Authorizes establishment of regional economic development partnerships.

Authorizes establishment of regional economic development partnerships.

What This Bill Does

  • Authorizes establishment of regional economic development partnerships.
  • Topic: Budget and Appropriations Fiscal note: This bill has not been certified by OLS for a fiscal note.

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-02-05 New Jersey Legislature

    Reported from Senate Committee, 2nd Reading

  2. 2026-02-05 New Jersey Legislature

    Referred to Senate Budget and Appropriations Committee

  3. 2026-01-13 New Jersey Legislature

    Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee

Official Summary Text

Authorizes establishment of regional economic development partnerships.
Topic:
Budget and Appropriations
Fiscal note:
This bill has not been certified by OLS for a fiscal note.

Current Bill Text

Read the full stored bill text 
S1944 TR

SENATE, No. 1944

STATE OF NEW JERSEY

222nd LEGISLATURE

�

PRE-FILED FOR INTRODUCTION IN THE 2026 SESSION

Sponsored by:

Senator HOLLY T. SCHEPISI

District 39 (Bergen)

Senator TROY SINGLETON

District 7 (Burlington)

Co-Sponsored by:

Senators Greenstein, Turner, Henry and McKnight

SYNOPSIS

���� Authorizes establishment of regional economic
development partnerships.

CURRENT VERSION OF TEXT

���� As reported by the Senate Community and Urban Affairs
Committee with technical review.

��

An Act

authorizing establishment of regional economic
development partnerships and supplementing Title 34 of the Revised Statutes.

����
Be It
Enacted
by the Senate and General Assembly of
the State of New Jersey:

���� 1.��� a.� A county government,
municipal government, or any agency or instrumentality thereof, including a
county improvement authority, municipal economic development entity, and public
or private economic development organizations, or any combination thereof, may
join together and enter into an agreement to establish a regional economic
development partnership for the purpose of engaging in joint regional economic
planning and formulating an economic development or redevelopment strategy that
may include, but not be limited to, assisting existing businesses, attracting
new businesses, providing incentives to retain existing businesses in the
region, redeveloping existing areas or facilities, and sharing costs of a
project or projects.� Projects constructed pursuant to the provisions of this
act shall be subject to the provisions of the �Local Public Contracts Law,�
P.L.1971, c.198 (C.40A:11-1 et seq.).

���� b.��� A regional economic
development partnership may also include businesses, business organizations,
educational institutions, public-private partnerships, nonprofit organizations,
and other entities located within the region.� Regional economic development partnerships
formed pursuant to this section may be registered with the New Jersey Economic
Development Authority and may cooperate with, and utilize the economic
development resources, of the authority.� If a constituent member of a
partnership is a public entity within the jurisdiction of the Department of
Community Affairs, the partnership agreement shall be submitted to the
department for approval before it is certified by the authority.� Every
partnership agreement shall contain provisions for the creation of a board
representing the members of the partnership to oversee the partnership's
affairs.

���� c.���� Regional economic
development partnerships may be eligible for loans, may issue bonds, may
directly provide financing to counties and municipalities pursuant to
subsection d. of this section, and may be eligible for any available matching
grants in order to carry out development, marketing, advertising, and
promotional programs to further their activities, promote business growth and
to assist existing businesses within the region.� Bonds issued pursuant to the
provisions of this subsection shall be authorized and issued in accordance with
the provisions of the �Local Bond Law� (N.J.S.40A:2-1 et seq.).

���� d.��� Notwithstanding the
foregoing, counties and municipalities, jointly or severally, may enter into an
agreement other than a formal regional economic development partnership
arrangement for the purpose of engaging in joint economic planning,
implementing an economic development strategy, or any other economic
development or redevelopment project or projects, including the sharing of the
cost of the project or projects pursuant to a resolution or ordinance, as
appropriate, adopted by the participating governing bodies.� Local units that
have negotiated an agreement pursuant to this subsection shall submit the
proposed agreement to the Local Finance Board for approval.

���� 2.��� This act shall take
effect on the first day of the seventh month next following the date of
enactment, but the New Jersey Economic Development Authority and the Local
Finance Board may take such anticipatory administrative action in advance
thereof as shall be necessary for the implementation of this act.