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(1st LEGISLATIVE DISTRICT) – As part of his continued effort to create jobs by promoting economic development, Assemblyman Matthew Milam on Friday touted legislation he’s sponsored to extend the life of development projects stalled by the economic downturn.
The bill (A-4015) would extend the permit until Dec. 31, 2014.
Current law extends the permit until Dec. 31, 2012.
“The economic downturn has had a devastating impact on our building and construction industries and the many, many jobs they support,” Milam said. “Without this help, business may have to pay untold dollars for re-permitting, taking away from their ability to create jobs and move our economy forward. Making it easier for already approved projects to move forward once the economy turns around sends a clear message to workers and businesses that we are positioning New Jersey for economic success.”
The bill is part of Milam’s continued economic growth efforts. The state recently announced a payroll tax cut sponsored by Milam will take effect next year.
Projects have stalled due to the inability of the banking, real estate and construction industries to obtain financing in the current economic downturn. The lapse of the permit approvals could cause a decline in the value of real estate involved in the projects and require a reclassifications of loans.
Thus, under this bill, government approvals would continue to be valid until at least Dec. 31, 2014, though no approval may be extended beyond six months after the conclusion of the extension period. Therefore, no approval would be extended beyond June 30, 2015.
“We want New Jersey businesses struggling to survive this economy to use their vital reDests on job creation, not on applying over and over again for new permits,” Milam said. “Businesses need to know that New Jersey is doing everything it can to help them through this difficult time and keep us competitive with neighboring states.”