An Act establishing a high technology corridor program in the New Jersey Economic Development Authority and supplementing P.L.1974, c.80 (C.34:1B-1 et seq.).

Be It Enacted by the Senate and General Assembly of the State of New Jersey:

1. As used in P.L. , c. (C. ) (pending before the Legislature as this bill):

"Authority" shall have the same meaning as provided in section 3 of P.L.1974, c.80 (C.34:1B-3).

"Center" means the New Jersey Business Action Center created in the Department of State.

"High technology business" means a corporation, partnership, limited liability company, or sole proprietorship that is engaged in the design, development, and introduction of new biotechnology, information technology, re-manufacturing, advanced materials, processing engineering or electronic technology products, or innovative manufacturing processes.

"High technology corridor" or "corridor" means a geographic area that has the potential of attracting and retaining high technology businesses, resulting in business and job growth.

2. The New Jersey Economic Development Authority shall establish a high technology corridor program within the authority which shall consist of a high technology corridor located within the counties of Atlantic, Cape May, and Cumberland as designated by the authority pursuant to section 3 of P.L. , c. (C. ) (pending before the Legislature as this bill). The purpose of the program shall be to attract new, and retain existing, high technology businesses within the corridor and to encourage the growth of high technology jobs and services within the corridor.

3. The executive director of the authority shall recommend the precise geographic boundaries of the high technology corridor to the members of the authority, who shall give their final approval for the geographic boundaries of the corridor. The high technology corridor may consist of one or more zones within the corridor in order to accommodate the targeting of financial and other resources to those zones.

4. The authority, with the approval of the State Treasurer, shall modify its existing business incentive programs, where permissible by law, to grant bonuses or other enhanced incentives to high technology businesses that locate or expand in the high technology corridor.

5. The authority shall work cooperatively with the center and other State departments, agencies, boards, commissions, and authorities to explore and implement opportunities to direct resources and create enhanced incentives for high technology businesses that locate or expand within the high technology corridor and provide technological, financial, and workforce development opportunities within the high technology corridor.

6. The authority is authorized to call upon the center and any department, authority, commission, board, office, division, or agency of the State to provide any information, resources, or other assistance deemed necessary to carry out the provisions of P.L. , c. (C. ) (pending before the Legislature as this bill). This may include, but not be limited to: the Department of the Treasury for assistance with high technology business funding assistance programs; the Department of Labor and Workforce Development for assistance by developing workforce development strategies in the corridor; the Department of Transportation and the New Jersey Transit Corporation for assistance by enhancing public transportation operations in the corridor; the center to assist in high technology business attraction, retention, and expansion efforts and advising on smart growth development strategies; and the Department of Community Affairs for assistance with coordinating between the urban enterprise zone program established by P.L.1983, c.303 (C.52:27H-60 et al.) and the high technology corridor program.

7. The authority may recommend the creation of potential future high technology corridors to enhance cluster-based economic development.

8. This act shall take effect immediately.

STATEMENT

This bill requires the New Jersey Economic Development Authority (authority) to establish a high technology corridor program within the authority to consist of a high technology corridor (corridor) located in Atlantic, Cape May, and Cumberland counties. The purpose of the program is to attract new and retain existing high technology businesses to the corridor and encourage the growth of high technology jobs within and services to the corridor. The executive director of the authority is to recommend the precise geographic boundaries of the corridor to the members of the authority, who are to give their final approval to the geographic boundaries of the corridor.

The bill requires the authority, with the approval of the State Treasurer, to modify its existing business assistance programs where permissible by law, to give bonuses or other enhanced incentives to high technology businesses that locate in the corridor.

The bill requires the authority to work cooperatively with the New Jersey Business Action Center (center) and other State agencies to explore and implement opportunities to direct resources and create enhanced incentives for those high technology businesses that locate or expand within the corridor and provide technological, financial, and workforce development opportunities within the corridor.

The bill allows the authority to call upon the center and other State agencies to provide information, resources, or other assistance deemed necessary to carry out the provisions of the bill. This may include, but not be limited to: the Department of the Treasury for assistance with high technology business funding assistance programs; the Department of Labor and Workforce Development for assistance by developing workforce development strategies in the corridor; the Department of Transportation and the New Jersey Transit Corporation for assistance by enhancing public transportation operations in the corridor; the center to assist in high technology business attraction, retention, and expansion efforts and advising on smart growth development strategies; and the Department of Community Affairs for assistance with coordinating between the urban enterprise zone program and the high technology corridor program.

Further, the bill allows the authority to recommend the creation of potential future high technology corridors to enhance cluster-based economic development.