STATEMENT TO

[First Reprint]

SENATE, No. 1766

with Senate Floor Amendments

(Proposed by Senator SINGLETON)

ADOPTED: MAY 28, 2026

These floor amendments require a developer of certain projects that convert office parks or retail centers into mixed-use developments to have the project undergo an engineering survey, and have the associated engineering report to be disclosed within the public offering statement.  Additionally, the floor amendments specify that these conversion projects are covered under "Planned Real Estate Development Full Disclosure Act," P.L.1977, c.419 and specify that certain warranties apply to newly constructed or materially rehabilitated portions of the conversion projects.