TRENTON, N.J. – Assemblyman Ron Dancer’s plan to revitalize abandoned stores and empty commercial and industrial buildings cleared the Assembly today and awaits Gov. Phil Murphy’s signature.
The bill (A1700) allowing towns to designate decaying commercial sites for redevelopment, qualifying the projects for tax incentives passed the Senate unanimously earlier this month.
“Abandoned and crumbling, once-thriving retail and commercial centers now present a significant burden for municipalities and surrounding communities,” said Dancer (R-Ocean). “They drive property taxes up and values down. We need to help towns stimulate redevelopment and repurpose stranded assets in this era of online shopping.”
Buildings used for commercial, manufacturing, or industrial purposes that have had significant vacancies for at least two consecutive years will qualify for designation as redevelopment zones.