SENATE URBAN POLICY AND PLANNING COMMITTEE

 

STATEMENT TO

 

SENATE COMMITTEE SUBSTITUTE FOR

SENATE, No. 1553

 

STATE OF NEW JERSEY

 

DATED: NOVEMBER 18, 1996

 

      The Senate Urban Policy and Planning Committee reports favorably a Senate Committee Substitute for Senate Bill No. 1553.

      Senate Committee Substitute for Senate Bill No. 1553 would establish a procedure to govern the dissolution of the Capital City Redevelopment Corporation. Specifically, the substitute requires the executive director of the corporation, within 120 days of the enactment of this act, to prepare a plan for the orderly dissolution of the corporation and for the transfer of its assets and liabilities to a nonprofit economic development corporation designated by the City of Trenton.

      The substitute directs the city to designate an entity so that corporation funds may be used to promote the revitalization of the city through the encouragement of public and private redevelopment, the restoration and improvement of historic areas, and other such endeavors.

      The plan prepared by the executive director shall include a complete accounting of the corporation's assets and liabilities and the means proposed for the transfer of any real property which may be owned by the corporation. Upon completion of the plan, the executive director shall notify the State Auditor, who shall cause a complete audit of the corporation's assets and liabilities to be undertaken in accordance with the provisions of R.S.52:24-4. The plan and the audit shall be submitted to both houses of the Legislature, whose members may object in writing with respect to the plan or any portion thereof within 30 days of the receipt thereof. Before the plan shall take effect, the Senate and General Assembly shall approve the plan by concurrent resolution.

      No later than 180 days following the approval of the plan by the Senate and General Assembly, the State Treasurer shall transfer all funds remaining in the account of the corporation to the successor economic development corporation which has been designated by the City of Trenton. If the economic development corporation is established after the 151st day, but not later than the 180th day following approval of the plan, the State Treasurer shall have a full 30 days in which to transfer the funds to the economic development corporation. Upon the transfer of funds by the State Treasurer, the Capital City Redevelopment Corporation shall be dissolved.

      If no economic development corporation is designated by the City of Trenton within the requisite time period, all property, funds, assets and liabilities of the Capital City Redevelopment Corporation shall remain vested in the corporation and the plan of dissolution shall be null and void.