New oversight for redevelopments in NJ

    By: Phil Gregory

    New Jersey Governor Jon Corzine has signed a bill intended to beef up oversight of redevelopment projects that use tax funds.

    By: Phil Gregory
    philgregorynews@gmail.com

    New Jersey Governor Jon Corzine has signed a bill intended to beef up oversight of redevelopment projects that use tax funds.

    Listen:
    [audio: 091012pgencap.mp3]

    The legislation comes in response to the failed EnCap project at the Meadowlands that was intended to transform 800 acres of landfills into a golf-themed community. Assembly sponsor Fred Scalera says the new law requires developers getting more than a $50 million in taxpayer money to file independently audited financial statements.

    Scalera: This bill brings the controller into it, puts limits on so that for every $5 they get of public funding they have to put a dollar in of their own. It creates oversight and I think it’s going to protect other communities from having the EnCap debacle.

    Critics say the law exempts major urban areas in the state and projects for education development. Supporters say it’s a good start and that modifications can be made in the future.

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