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On Saturday, January 16th Acting Governor Sweeney signed ACS for A-4322/SCS for S-3116, sponsored by Assemblywoman Watson Coleman, Senator Lesniak and Senator Kyrillos. The bill revises the organization and powers of the Capital City Redevelopment Corporation (CCRC).
In response to the ever changing economic conditions in the State and the growing needs in the City of Trenton, CCRC’s role has shifted from one of a financing and regulatory agency to more of an economic development entity.
Today, CCRC is poised to realize the potential of private sector investment in state-owned properties empowered with new economic development tools that are the critical features of modern redevelopment agencies. However, in order to build on its effectiveness as a redevelopment agency and increase the cooperation between the City and the State, it became necessary to update the organizational structure and modernize the powers of the CCRC.
With the enactment of ACS for A-4322/SCS for S-3116, CCRC is now better positioned to serve the City of Trenton, the Mercer County Region and the State of New Jersey.
To view a summary of the bill ( click here) or to view the legislation in its entirety ( click here).
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