52:27D-489l Creation of municipal redevelopment utility permitted.
12. a. A municipality may adopt an ordinance creating a municipal redevelopment utility under the name and style of "the __________ redevelopment utility," with all or any significant part of the name of the municipality inserted. The redevelopment utility shall be a municipal public utility for the purposes of Title 40A of the New Jersey Statutes.
b.The purpose of every redevelopment utility shall be to receive revenues collected pursuant to section 11 of P.L.2009, c.90 (C.52:27D-489k) and to use those revenues as payment of incentive grants, and for other local purposes that may be approved by the Local Finance Board, as that board deems necessary or useful.
c.If a municipality does not create a municipal redevelopment utility, then any revenues collected pursuant to section 11 of P.L.2009, c.90 (C.52:27D-489k) and any grants received to pay incentive grants shall be treated as riders in the municipal budget pursuant to N.J.S.40A:4-36.
L.2009, c.90, s.12.
Section: Previous 52-27d-489e 52-27d-489f 52-27d-489g 52-27d-489h 52-27d-489i 52-27d-489j 52-27d-489k 52-27d-489l 52-27d-489m 52-27d-489n 52-27d-489o 52-27d-489p 52-27d-489q 52-27d-489r 52-27d-489s Next
Last modified: October 11, 2016