TRENTON – A bill sponsored to help local governments clean contaminated properties continues advancing in the state Legislature.
The bill (A-3167) would authorize the New Jersey Economic Development Authority to provide a no-interest loan to a municipality, county or redevelopment entity for up to 25 percent of the cost of a remedial action in a Brownfield development area.
It was approved 78-0 by the Assembly in October and released Thursday by a Senate budget panel.
“In the current economic environment, with towns everywhere hurting for revenue and credit all but frozen, this is not just a much-needed environmental measure, it’s an economic stimulus measure,” said Assemblyman Craig Coughlin (D-Middlesex) whose 19th Legislative District includes four sites totaling nearly 1,000 acres that would qualify for funding under this bill.
The loans would come from the state’s Hazardous Discharge Site Remediation Fund and be repayable over no more than 10 years.
The state has 31 sites designated as Brownfields redevelopment areas which would qualify for funding under this bill. Altogether, the sites total 3,290 acres.
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