ASSEMBLY COMMERCE AND MILITARY AND VETERANS' AFFAIRS COMMITTEE
STATEMENT TO
ASSEMBLY, No. 1064
STATE OF NEW JERSEY
DATED: JANUARY 29, 1996
The Assembly Commerce and Military and Veterans' Affairs Committee reports favorably Assembly Bill No. 1064.
As reported, this bill authorizes the Economic Development Authority to use its financial resources for assistance to: (1) industries with substantial long-term job growth potential and which offer a high return on the State's investment; (2) industries experiencing a decline which, in the EDA's analysis, can be reversed by specific investments in certain strategic areas; (3) non-profit groups organized to assist businesses with the establishment of industry sector networks, start-up services, personnel training, or other services intended to promote long-term job creation; and an industry sector network that requires "seed" money for start-up costs and activities associated with development of the network.
The bill authorizes the EDA to provide financial assistance in the form of loans or loan guarantees. In addition, the bill requires the EDA to submit to the Governor and the Legislature, within 18 months of the bill's effective date, a report describing the demand for assistance, the efforts made by the EDA to promote the development of industry sector networks and the revitalization of businesses with long-term growth potential, and an assessment of the effectiveness of providing financial assistance in meeting the goals of the bill.
This bill was pre-filed for introduction in the 1996 session pending technical review. As reported, the bill includes the changes required by technical review which has been performed.