SENATE STATE GOVERNMENT, WAGERING, TOURISM & HISTORIC PRESERVATION COMMITTEE

STATEMENT TO

SENATE, No. 3969

STATE OF NEW JERSEY

DATED:  DECEMBER 16, 2024

      The Senate State Government, Wagering, Tourism & Historic Preservation Committee reports favorably Senate Bill No. 3969.

      This bill would extend the economic recovery term under the "Municipal Rehabilitation and Economic Recovery Act," P.L.2002, c.43 (C.52:27BBB-1 et al.) (MRERA), by five years.  This would extend the special governing procedures, economic benefits, and additional oversight measures provided for a qualified municipality under the MRERA.  Based upon the continuing unique fiscal distress facing the City of Camden, it is evident that a longer economic recovery term is necessary to achieving the fiscal stability and economic revitalization goals of the MRERA.