New Jersey S4437 allows political subdivisions to require economic development subsidy grantees to enter community benefits agreements.
New Jersey S4437 permits political subdivisions to condition economic development subsidies over $50,000 on the grantee's promise to enter a community benefits agreement. These agreements are legally binding contracts that require project contractors and developers to make specific contributions for community benefit, including local hiring provisions, area wage and benefits standards, and engagement of local businesses. The bill defines "economic development subsidy" and "community benefits agreement," and it takes effect immediately upon enactment.
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