Bill Text: NJ A3387 | 2014-2015 | Regular Session | Introduced
Bill Title: Authorizes EDA to establish program to promote manufacturing businesses on website and collect funding for projects on behalf those businesses.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2014-06-09 - Introduced, Referred to Assembly Commerce and Economic Development Committee [A3387 Detail]
Download: New_Jersey-2014-A3387-Introduced.html
Sponsored by:
Assemblyman SAMUEL L. FIOCCHI
District 1 (Atlantic, Cape May and Cumberland)
SYNOPSIS
Authorizes EDA to establish program to promote manufacturing businesses on website and collect funding for projects on behalf those businesses.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the New Jersey Economic Development Authority and manufacturing business assistance, and amending and supplementing P.L.1974, c.80.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. (New section) a. The New Jersey Economic Development Authority shall establish a program to assist New Jersey-based manufacturing businesses by announcing and promoting a manufacturing business or manufacturing project of the business on the authority's Internet website. This program shall be a means to enable manufacturing businesses to gain exposure, generate funding, seek investment, and leverage donations for the business, through the authority, while the business retains ownership of the manufacturing project.
b. The authority shall determine the qualifications necessary to be eligible for inclusion in the program, and evaluate and approve a manufacturing business and the manufacturing project prior to promotion. In order to be included in the program, a manufacturing business shall be based and have significant operations in New Jersey, as determined by the authority.
c. The authority's Internet website shall provide for any visitor to the website to donate to or invest in a specific a manufacturing business or manufacturing project. A gift or grant donated or an investment made for the purposes of this section shall only be accepted by the authority on behalf of a manufacturing business. Any donation to or an investment made in a manufacturing business shall be used at the discretion of the manufacturing business accepting it and any donation to or an investment made in a specific manufacturing project shall be used by the manufacturing business for the designated manufacturing project.
d. The authority may monitor or oversee the progress of a manufacturing business or manufacturing project, as appropriate, and may require a manufacturing business to report progress on occasion. The authority shall not be responsible for ensuring the completion of a manufacturing project. A manufacturing business shall notify the authority, in writing, upon completion of a manufacturing project.
e. The authority may collaborate, consult, or partner with a public or private entity, including an Internet-based entity, whose mission is to support manufacturing businesses by fundraising and engaging the public at-large, in order to fulfill the mission of the program. The authority may also partner with, or contract for, an entity to specifically announce or promote New Jersey-based manufacturing businesses and accept gifts or grants towards, or an investment made, in a developing manufacturing project on behalf of the manufacturing businesses in furtherance of the goals of P.L. , c. (C. ) (pending before the Legislature as this bill). As part of the partnership or contract, the authority or entity may recognize or promote a manufacturing business that has received assistance from the State or federal government pursuant to law, including, but not limited to, assistance received from the Hollings Manufacturing Extension Partnership established by the National Institute of Standards and Technology in the United States Department of Commerce.
2. Section 5 of P.L.1974, c.80 (C.34:1B-5) is amended to read as follows:
5. The authority shall have the following powers:
a. To adopt bylaws for the regulation of its affairs and the conduct of its business;
b. To adopt and have a seal and to alter the same at pleasure;
c. To sue and be sued;
d. To acquire in the name of the authority by purchase or otherwise, on [such] terms and conditions and [such] manner as [it] the authority may deem proper, or by the exercise of the power of eminent domain in the manner provided by the "Eminent Domain Act of 1971," P.L.1971, c.361 (C.20:3-1 et seq.), any lands or interests therein or other property which [it] the authority may determine is reasonably necessary for any project; provided, however, that the authority, in connection with any project, shall not take by exercise of the power of eminent domain any real property except upon consent thereto given by resolution of the governing body of the municipality in which [such] the real property is located; and provided further that the authority shall be limited in its exercise of the power of eminent domain in connection with any project in qualifying municipalities, as defined under the provisions of P.L.1978, c.14 (C.52:27D-178 et seq.), or to municipalities which had a population, according to the latest federal decennial census, in excess of 10,000;
e. To enter into contracts with a person upon [such] terms and conditions as the authority shall determine to be reasonable, including, but not limited to, reimbursement for the planning, designing, financing, construction, reconstruction, improvement, equipping, furnishing, operation, and maintenance of the project and to pay or compromise any claims arising therefrom;
f. To establish and maintain reserve and insurance funds with respect to the financing of the project or the school facilities project and any project financed pursuant to the "Municipal Rehabilitation and Economic Recovery Act," P.L.2002, c.43 (C.52:27BBB-1 et al.);
g. To sell, convey, or lease to any person all or any portion of a project for [such] consideration and upon [such] terms as the authority may determine to be reasonable;
h. To mortgage, pledge, or assign or otherwise encumber all or any portion of a project, or revenues, whenever [it] the authority shall find [such] that action to be in furtherance of the purposes of [this act] P.L.1974, c.80 (C.34:1B-1 et seq.), P.L.2000, c.72 (C.18A:7G-1 et al.), the "Municipal Rehabilitation and Economic Recovery Act," P.L.2002, c.43 (C.52:27BBB-1 et al.), P.L.2007, c.137 (C.52:18A-235 et al.), and sections 3 through 18 of P.L.2009, c.90 (C.52:27D-489c et al.);
i. To grant options to purchase or renew a lease for any of [its] the authority's projects on such terms as the authority may determine to be reasonable;
j. To contract for and to accept any gifts or grants or loans of funds or property or financial or other aid in any form from the United States of America or any agency or instrumentality thereof, or from the State or any agency, instrumentality, or political subdivision thereof, or from any other source and to comply, subject to the provisions of P.L.1974, c.80 (C.34:1B-1 et seq.), section 6 of P.L.2001, c.401 (C.34:1B-4.1), P.L.2000, c.72 (C.18A:7G-1 et al.), the "Municipal Rehabilitation and Economic Recovery Act," P.L.2002, c.43 (C.52:27BBB-1 et al.), and P.L.2007, c.137 (C.52:18A-235 et al.), with the terms and conditions thereof;
k. In connection with any action undertaken by the authority in the performance of its duties and any application for assistance or commitments therefor and modifications thereof, to require and collect [such] fees and charges as the authority shall determine to be reasonable, including, but not limited to, fees and charges for the authority's administrative, organizational, insurance, operating, legal, and other expenses;
l. To adopt, amend, and repeal regulations to carry out the provisions of P.L.1974, c.80 (C.34:1B-1 et seq.), section 6 of P.L.2001, c.401 (C.34:1B-4.1), P.L.2000, c.72 (C.18A:7G-1 et al.), the "Municipal Rehabilitation and Economic Recovery Act," P.L.2002, c.43 (C.52:27BBB-1 et al.), and P.L.2007, c.137 (C.52:18A-235 et al.);
m. To acquire, purchase, manage and operate, hold, and dispose of real and personal property or interests therein, take assignments of rentals and leases, and make and enter into all contracts, leases, agreements, and arrangements necessary or incidental to the performance of [its] the authority's duties;
n. To purchase, acquire, and take assignments of notes, mortgages, and other forms of security and evidences of indebtedness;
o. To purchase, acquire, attach, seize, accept, or take title to any project or school facilities project by conveyance or by foreclosure, and sell, lease, manage, or operate any project or school facilities project for a use specified in [this act] P.L.1974, c.80 (C.34:1B-1 et seq.), P.L.2000, c.72 (C.18A:7G-1 et al.), the "Municipal Rehabilitation and Economic Recovery Act," P.L.2002, c.43 (C.52:27BBB-1 et al.), P.L.2007, c.137 (C.52:18A-235 et al.), and sections 3 through 18 of P.L.2009, c.90 (C.52:27D-489c et al.);
p. To borrow money and to issue bonds of the authority and to provide for the rights of the holders thereof, as provided in P.L.1974, c.80 (C.34:1B-1 et seq.), section 6 of P.L.2001, c.401 (C.34:1B-4.1), P.L.2000, c.72 (C.18A:7G-1 et al.), the "Municipal Rehabilitation and Economic Recovery Act," P.L.2002, c.43 (C.52:27BBB-1 et al.), P.L.2007, c.137 (C.52:18A-235 et al.), and sections 3 through 18 of P.L.2009, c.90 (C.52:27D-489c et al.);
q. To extend credit or make loans to any person for the planning, designing, acquiring, constructing, reconstructing, improving, equipping, and furnishing of a project or school facilities project, which credits or loans may be secured by loan and security agreements, mortgages, leases, and any other instruments, upon [such] terms and conditions as the authority shall deem reasonable, including provision for the establishment and maintenance of reserve and insurance funds, and to require the inclusion in any mortgage, lease, contract, loan and security agreement, or other instrument, of [such] provisions for the construction, use, operation and maintenance, and financing of a project or school facilities project as the authority may deem necessary or desirable;
r. To guarantee up to [90%] 90 percent of the amount of a loan to a person, if the proceeds of the loan are to be applied to the purchase and installation, in a building devoted to industrial or commercial purposes, or in an office building, of an energy improvement system;
s. To employ consulting engineers, architects, attorneys, real estate counselors, appraisers, and [such] other consultants and employees as may be required in the judgment of the redevelopment utility to carry out the purposes of P.L.1974, c.80 (C.34:1B-1 et seq.), section 6 of P.L.2001, c.401 (C.34:1B-4.1), P.L.2000, c.72 (C.18A:7G-1 et al.), the "Municipal Rehabilitation and Economic Recovery Act," P.L.2002, c.43 (C.52:27BBB-1 et al.), P.L.2007, c.137 (C.52:18A-235 et al.), and sections 3 through 18 of P.L.2009, c.90 (C.52:27D-489c et al.), and to fix and pay their compensation from funds available to the redevelopment utility therefor, all without regard to the provisions of Title 11A of the New Jersey Statutes;
t. To do and perform any acts and things authorized by P.L.1974, c.80 (C.34:1B-1 et seq.), section 6 of P.L.2001, c.401 (C.34:1B-4.1), P.L.2000, c.72 (C.18A:7G-1 et al.), the "Municipal Rehabilitation and Economic Recovery Act," P.L.2002, c.43 (C.52:27BBB-1 et al.), P.L.2007, c.137 (C.52:18A-235 et al.), and sections 3 through 18 of P.L.2009, c.90 (C.52:27D-489c et al.), under, through or by means of its own officers, agents, and employees, or by contract with any person;
u. To procure insurance against any losses in connection with [its] authority property, operations, or assets in [such] amounts and from [such] insurers as [it] the authority deems desirable;
v. To do any and all things necessary or convenient to carry out [its] the authority's purposes and exercise the powers given and granted in P.L.1974, c.80 (C.34:1B-1 et seq.), section 6 of P.L.2001, c.401 (C.34:1B-4.1), P.L.2000, c.72 (C.18A:7G-1 et al.), the "Municipal Rehabilitation and Economic Recovery Act," P.L.2002, c.43 (C.52:27BBB-1 et al.), P.L.2007, c.137 (C.52:18A-235 et al.), and sections 3 through 18 of P.L.2009, c.90 (C.52:27D-489c et al.);
w. To construct, reconstruct, rehabilitate, improve, alter, equip, maintain or repair, or provide for the construction, reconstruction, improvement, alteration, equipping or maintenance, or repair of any development property and lot, award and enter into construction contracts, purchase orders, and other contracts with respect thereto, upon [such] terms and conditions as the authority shall determine to be reasonable, including, but not limited to, reimbursement for the planning, designing, financing, construction, reconstruction, improvement, equipping, furnishing, operation, and maintenance of [any such] the development property and the settlement of any claims arising therefrom, and the establishment and maintenance of reserve funds with respect to the financing of [such] the development property;
x. When authorized by the governing body of a municipality exercising jurisdiction over an urban growth zone, to construct, cause to be constructed, or to provide financial assistance to projects in an urban growth zone which shall be exempt from the terms and requirements of the land use ordinances and regulations, including, but not limited to, the master plan and zoning ordinances, of [such] the municipality;
y. To enter into business employment incentive agreements as provided in the "Business Employment Incentive Program Act," P.L.1996, c.26 (C.34:1B-124 et al.);
z. To enter into agreements or contracts, execute instruments, and do and perform all acts or things necessary, convenient, or desirable for the purposes of the redevelopment utility to carry out any power expressly provided pursuant to P.L.1974, c.80 (C.34:1B-1 et seq.), P.L.2000, c.72 (C.18A:7G-1 et al.), and P.L.2007, c.137 (C.52:18A-235 et al.), including, but not limited to, entering into contracts with the State Treasurer, the Commissioner of Education, districts, the New Jersey Schools Development Authority, and any other entity which may be required in order to carry out the provisions of P.L.2000, c.72 (C.18A:7G-1 et al.), P.L.2007, c.137 (C.52:18A-235 et al.), and sections 3 through 18 of P.L.2009, c.90 (C.52:27D-489c et al.);
aa. (Deleted by amendment, P.L.2007, c.137);
bb. To make and contract to make loans to local units to finance the cost of school facilities projects and to acquire and contract to acquire bonds, notes, or other obligations issued or to be issued by local units to evidence the loans, all in accordance with the provisions of P.L.2000, c.72 (C.18A:7G-1 et al.), and P.L.2007, c.137 (C.52:18A-235 et al.);
cc. Subject to any agreement with holders of [its] authority bonds issued to finance a project or school facilities project, to obtain as security, or to provide liquidity for payment of all or any part of the principal of and interest and premium on the bonds of the authority or for the purchase upon tender or otherwise of the bonds, lines of credit, letters of credit, reimbursement agreements, interest rate exchange agreements, currency exchange agreements, interest rate floors or caps, options, puts, or calls to hedge payment, currency, rate, spread, or similar exposure or similar agreements, float agreements, forward agreements, insurance contract, surety bond, commitment to purchase or sell bonds, purchase, or sale agreement, or commitments or other contracts or agreements, and other security agreements or instruments in any amounts and upon any terms as the authority may determine and pay any fees and expenses required in connection therewith;
dd. To charge to and collect from local units, the State, and any other person, any fees and charges in connection with the authority's actions undertaken with respect to school facilities projects, including, but not limited to, fees and charges for the authority's administrative, organization, insurance, operating, and other expenses incident to the financing of school facilities projects;
ee. To make loans to refinance solid waste facility bonds through the issuance of bonds or other obligations and the execution of any agreements with counties or public authorities to effect the refunding or rescheduling of solid waste facility bonds, or otherwise provide for the payment of all or a portion of any series of solid waste facility bonds. Any county or public authority refunding or rescheduling its solid waste facility bonds pursuant to this subsection shall provide for the payment of not less than fifty percent of the aggregate debt service for the refunded or rescheduled debt of the particular county or public authority for the duration of the loan; except that, whenever the solid waste facility bonds to be refinanced were issued by a public authority and the county solid waste facility was utilized as a regional county solid waste facility, as designated in the respective adopted district solid waste management plans of the participating counties as approved by the department prior to November 10, 1997, and the utilization of the facility was established pursuant to tonnage obligations set forth in their respective interdistrict agreements, the public authority refunding or rescheduling its solid waste facility bonds, pursuant to this subsection, shall provide for the payment of a percentage of the aggregate debt service for the refunded or rescheduled debt of the public authority not to exceed the percentage of the specified tonnage obligation of the host county for the duration of the loan. Whenever the solid waste facility bonds are the obligation of a public authority, the relevant county shall execute a deficiency agreement with the authority, which shall provide that the county pledges to cover any shortfall and to pay deficiencies in scheduled repayment obligations of the public authority. All costs associated with the issuance of bonds pursuant to this subsection may be paid by the authority from the proceeds of these bonds. Any county or public authority is hereby authorized to enter into any agreement with the authority necessary, desirable, or convenient to effectuate the provisions of this subsection.
The authority shall not issue bonds or other obligations to effect the refunding or rescheduling of solid waste facility bonds after December 31, 2002. The authority may refund its own bonds issued for the purposes herein at any time;
ff. To pool loans for any local government units that are refunding bonds and do and perform any and all acts or things necessary, convenient, or desirable for the purpose of the authority to achieve more favorable interest rates and terms for those local governmental units;
gg. To finance projects approved by the board, provide staff support to the board, oversee and monitor progress on the part of the board in carrying out the revitalization, economic development, and restoration projects authorized pursuant to the "Municipal Rehabilitation and Economic Recovery Act," P.L.2002, c.43 (C.52:27BBB-1 et al.) and otherwise fulfilling its responsibilities pursuant thereto;
hh. To offer financial assistance to qualified film production companies as provided in the "New Jersey Film Production Assistance Act," P.L.2003, c.182 (C.34:1B-178 et al.); [and]
ii. To finance or develop private or public parking facilities or structures, which may include the use of solar photovoltaic equipment, in municipalities qualified to receive State aid pursuant to the provisions of P.L.1978, c.14 (C.52:27D-178 et seq.) and municipalities that contain areas designated pursuant to P.L.1985, c.398 (C.52:18A-196 et al.) as Planning Area 1 (Metropolitan), Planning Area 2 (Suburban), or a town center, and to provide appropriate assistance, including but not limited to, extensions of credit, loans, and guarantees, to municipalities qualified to receive State aid pursuant to the provisions of P.L.1978, c.14 (C.52:27D-178 et seq.) and municipalities that contain areas designated pursuant to P.L.1985, c.398 (C.52:18A-196 et seq.) as Planning Area 1 (Metropolitan), Planning Area 2 (Suburban), or a town center, and their agencies and instrumentalities or to private entities whose projects are located in those municipalities, in order to facilitate the financing and development of parking facilities or structures in [such] those municipalities. The authority may serve as the issuing agent of bonds to finance the undertaking of a project for the purposes of this subsection; and
jj. To accept and administer any gift or grant donated, or investment made, pursuant to section 1 of P.L. , c. (C. ) (pending before the Legislature as this bill), to establish a program to promote manufacturing businesses on the authority's website and collect funding for projects on behalf of those manufacturing businesses. Any gift, grant, or investment that is not used in accordance with the purposes set forth in section 1 of P.L. , c. (C. ) (pending before the Legislature as this bill) shall be returned to the donor or refused. The Department of the Treasury shall provide the means by which donations and investments may be made to the authority pursuant to section 1 of P.L. , c. (C. ) (pending before the Legislature as this bill).
(cf: P.L.2010, c.28, s.3)
3. This act shall take effect immediately.
STATEMENT
This bill authorizes the New Jersey Economic Development Authority (authority) to establish a program to support New Jersey manufacturing businesses (business) and collect donations for, and seek investment in, manufacturing projects (project) on the business's behalf.
Specifically, the authority is to establish a program to help businesses, by announcing and promoting a business or project on the authority's website. To be eligible, a business must be based and have significant operations in New Jersey, as determined by the authority. This program is to be a platform to enable businesses to gain exposure, generate funding and investment, and leverage donations for projects, through the authority, while retaining independence and ownership of the project.
The authority's Internet website is to provide for any visitor to the website to donate to or make an investment in a specific business or specific project. A gift or grant donated or investment made for these purposes is only to be accepted by the authority on behalf of a business. Any donation to or investment in a business is to be used at the discretion of the business accepting it and any donation to, or investment made, in a specific project is to be used by the business for the designated project. The authority is authorized to accept and administer gifts, grants, or investments to be used only in accordance with the purposes set forth in the bill, or they are to be returned to the donor or refused.
Under the bill, the authority may monitor or oversee the progress of a project and may require a business to report progress on occasion; however, the authority is not to be responsible for ensuring the completion of a project, nor is it to investigate a business's ability to complete a project. A business is required to notify the authority, in writing, upon completion of a project.
Additionally, this bill is to allow the authority to collaborate, consult, or partner with a public or private entity, including an Internet-based entity, such as a "crowdfunding," "crowdsourcing," or advocacy organization, whose mission is to support businesses by fundraising and engaging the public at-large. The authority may also partner with or contract for the entity to specifically announce or promote eligible businesses and accept gifts, grants, or investments towards a developing project on behalf of the business in furtherance of the goals of the bill. As part of the partnership or contract, the authority or entity may recognize or promote a business that has received assistance from the State or federal government pursuant to law, including, but not limited to, assistance received from the Hollings Manufacturing Extension Partnership established by the National Institute of Standards and Technology in the United States Department of Commerce.
