OCEAN TOWNSHIP - Senator Vin Gopal’s legislation to assist municipalities in receiving assistance from the NJRA has passed through the Senate Economic Growth Committee.
This bill (S2888) expands the criteria for an eligible municipality wherein a project having already received New Jersey Redevelopment Authority (NJRA) assistance may occur. Under the bill, a municipality may further qualify for NJRA assistance if, at the initiation of a project receiving NJRA assistance, that municipality had an established special improvement district.
Towns eligible for this assistance in Legislative District 11 are Red Bank and Freehold Borough.
Senator Vin Gopal released the following statement:
“Expanding criteria for towns to qualify for further NJRA assistance means towns like Red Bank and Freehold Borough will receive financial assistance to help in furthering the redevelopment of their downtown areas. As the redevelopment continues, it will start to drive revenue into these towns, helping the small businesses that thrive on tourism and small town charm.”