ASSEMBLY STATE AND LOCAL GOVERNMENT COMMITTEE

STATEMENT TO

ASSEMBLY, No. 5546

STATE OF NEW JERSEY

DATED:  JUNE 16, 2025

      The Assembly State and Local Government Committee reports favorably Assembly Bill No. 5546.

This bill authorizes the Capital City Redevelopment Corporation (CCRC) to issue grants for projects that benefit the Capital City District.  Additionally, the bill removes the current statutory requirement that 65 percent of the funds be recovered through repayment.

     The CCRC needs general authority to issue grants with funds other than those in the dedicated Grant and Loan Fund.  This is particularly necessary for assistance with current and future CCRC projects. Without the granting of the authority for the CCRC to issue grants, the CCRC will be limited in its ability to provide grant financing for these projects.