SENATE BUDGET AND APPROPRIATIONS COMMITTEE

STATEMENT TO

SENATE, No. 4388

with committee amendments

STATE OF NEW JERSEY

DATED:  JUNE 26, 2025

      The Senate Budget and Appropriations Committee reports favorably and with committee amendments Senate Bill No. 4388.

      As amended and reported, this bill authorizes the Capital City Redevelopment Corporation (CCRC) to issue loans and grants for projects that benefit the Capital City District.  Current law allows to be included in the Capital City Redevelopment Loan and Grant Fund (fund) any monies repaid by persons pursuant to loan agreements funded by the funds and any income, increment, or interest derived from investment or reinvestment of monies deposited in the fund.  The bill maintains those allowed sources but removes from inclusion a broader permission for any monies made available to the CCRC from any source or sources for its purposes.  Additionally, the bill removes the current statutory requirement that 65 percent of the funds be recovered through repayment.

COMMITTEE AMENDMENTS:

      The committee amended the bill to:

      (1)  specify that the CCRC is authorized to directly issue loans in addition to grants to projects within the district;

      (2)  make changes to the monies permitted to be included in the fund; and

      (3)  make technical changes.

FISCAL IMPACT:

      Fiscal information for this bill is currently unavailable.