S.1779

Establishes Downtown Economic Growth Program to encourage business development in certain small municipalities.

This bill establishes the Downtown Economic Growth Program to provide financial and technical assistance to businesses in downtown areas of certain small municipalities. The New Jersey Economic Development Authority will manage the program, offering loans, loan guarantees, tax credits, and technical assistance. Small municipalities, defined as those with a population under 11,000, can designate downtown areas if they are county seats, contain an opportunity zone, or are over 70% developed. The program aims to stimulate investment and economic development in these areas.