Governor Corzine To Sign Economic Stimulus Act of 2009
This week Governor Corzine is scheduled to sign the Economic Stimulus Act of 2009. Amongst other things, the bill will exempt projects receiving preliminary approval from the municipal board by July 1, 2010 from the non-residential development, i.e., COAH, fee. The bill also has a provision for a partial refund of such COAH fees paid under bill A-500 (the 2.5%), but only gives a party 120 days from the bill's effective date to make application for the refund. The bill will also provide economic redevelopment and growth grants (ERGG) in certain areas and will expand the eligibility for Urban Transit Hubs to add a mixed-use component that can receive a tax credit.
