LEGISLATIVE FISCAL ESTIMATE

SENATE, No. 3923

STATE OF NEW JERSEY

219th LEGISLATURE

 

DATED: JULY 2, 2021

 

 

SUMMARY

 

Synopsis:

Authorizes State Treasurer to enter lease for real property and improvements with NJEDA for construction of New Jersey Wind Port in Lower Alloways Creek Township, Salem County.

Type of Impact:

Annual State expenditure increase from the General Fund.

Agencies Affected:

Department of the Treasury, Economic Development Authority.

 

Office of Legislative Services Estimate

Fiscal Impact

 

 

Annual State Expenditure Increase

Indeterminate

 

 

 

 

·         The Office of Legislative Services (OLS) determines that this bill will lead to an annual expenditure increase from the State General Fund, to pay the costs of leasing a parcel of land from the Public Service Electric and Gas Company (PSEG).  The amount of the expenditure increase is indeterminate, because the OLS is unaware of the details of the lease agreement.

 

·         The OLS notes that the FY 2022 Appropriations Act provides for a $200 million appropriation to fund the construction of the New Jersey Wind Port.  It is possible that some of this funding may be utilized to pay the leasing costs of the site.

 

 

BILL DESCRIPTION

 

      This bill authorizes the State Treasurer to enter into a lease for real property and improvements with the New Jersey Economic Development Authority for real property and improvements acquired, leased, or caused to be constructed by the authority for the New Jersey Wind Port in Lower Alloways Creek Township, Salem County. 

 

 

FISCAL ANALYSIS

 

EXECUTIVE BRANCH

 

      None received.

OFFICE OF LEGISLATIVE SERVICES

 

      The OLS determines that this bill will lead to an annual expenditure increase from the State General Fund, to pay the costs of leasing the parcel of land in question from the Public Service Electric and Gas Company.  The amount of the expenditure increase is indeterminate, because the OLS is unaware of the details of the lease agreement.

      The OLS notes that the FY 2022 Appropriations Act provides for a $200 million appropriation to fund the construction of the New Jersey Wind Port.  It is possible that some of this funding may be utilized to pay the leasing costs of the site.

 

 

Section:

Environment, Agriculture, Energy, and Natural Resources

Analyst:

Christina Denney

Assistant Research Analyst

Approved:

Thomas Koenig

Legislative Budget and Finance Officer

 

 

This legislative fiscal estimate has been produced by the Office of Legislative Services due to the failure of the Executive Branch to respond to our request for a fiscal note.

 

This fiscal estimate has been prepared pursuant to P.L.1980, c.67 (C.52:13B-6 et seq.).