ASSEMBLY, No. 2376

STATE OF NEW JERSEY

INTRODUCED SEPTEMBER 26, 1996

By Assemblywoman WRIGHT

An Act concerning the dissolution of the Capital City Redevelopment Corporation and repealing P.L.1987, c.58.

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

    1. On or before the first day of the fourth month next following enactment, the board of directors of the Capital City Redevelopment Corporation shall prepare a plan for the orderly dissolution of the corporation and the transfer of its assets and liabilities to an economic development corporation, and shall submit that plan to the Governor and to the Legislature for review. The plan shall become effective on the first day of the seventh month next following enactment of this act unless a joint or concurrent resolution objecting to or modifying the plan is introduced into the Legislature prior to that date.

    2. P.L.1987, c.58 (C.52:9Q-9 et seq.) is repealed.

    3. This act shall take effect immediately except that section 2 shall not take effect until the first day of the seventh month next following enactment, or such data as is set forth in any joint or concurrent resolution adopted pursuant to section 1 of this act.

STATEMENT

    This bill would require the board of directors of the Capital City Redevelopment Corporation to prepare a plan for the dissolution of the corporation and the transfer of its assets and liabilities to an economic development corporation. It is expected that the City of Trenton would incorporate the successor economic development corporation with the cooperation of the local business and historical preservation communities and other interested groups. The plan would become effective on the first day of the seventh month next following enactment of this bill unless a joint or concurrent resolution rejecting or modifying the plan is introduced in the Legislature prior to that date.

Requires Capital City Redevelopment Corporation to prepare and submit a plan for its dissolution and transfer of assets and liabilities to successor economic development corporation.