ASSEMBLY COMMUNITY DEVELOPMENT AND WOMEN'S AFFAIRS COMMITTEE

STATEMENT TO

ASSEMBLY, No. 4573

STATE OF NEW JERSEY

DATED:  SEPTEMBER 23, 2024

      The Assembly Community Development and Women's Affairs Committee reports favorably Assembly Bill No. 4573.

      This bill requires the Business Action Center in the Department of State to conduct a study on the impact of vacant commercial real estate in the State and prepare a report within one year of the effective date of the bill to be submitted to the Governor and to the Legislature.  The report is required to include, but not be limited to: 

      (1)  information concerning existing county and local government efforts to track vacant commercial real estate within their jurisdictions;

      (2)  the progress and efforts of municipal governments in utilizing the "Abandoned Properties Rehabilitation Act;"

      (3)  an assessment of any existing county and local government programs that provide financial or technical assistance to address vacant commercial real estate within their jurisdictions;

      (4)  a survey of business owners and prospective business owners and their satisfaction with using private real estate resources to identify vacant commercial real estate; and

      (5) any further recommendations that may help guide business owners and prospective business owners in their search for vacant commercial real estate.