TRENTON, N.J. – Assemblyman Ron Dancer’s plan to reinvigorate mostly vacant shopping malls and office parks was signed by Gov. Phil Murphy today. Dancer’s bill (A1700), which unanimously passed the Assembly and Senate in June, allows towns to mark decaying commercial sites for redevelopment to qualify for tax incentives.
“Municipalities will now have a stronger tool to fix abandoned retail centers and office parks that clutter up the landscape,” said Dancer (R-Ocean). “These buildings have become a significant burden on surrounding communities, driving taxes up and property values down. On the other hand, improving commercial properties will lead to higher tax revenues and create local jobs.”
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.