newjerseynewsroom.com

As part of his what he describes as his effort to create jobs by promoting economic development, Assemblyman Matthew Milam (D-Cape May) Friday touted legislation he is sponsoring to extend the life of development projects stalled by the economic downturn.

The bill (A-4015) would extend governments permits needed for a project until Dec. 31, 2014. Current law extends the permit until Dec. 31, 2012.

"The economic downturn has had a devastating impact on our building and construction industries and the many, many jobs they support," Milam said. "Without this help, business may have to pay untold dollars for re-permitting, taking away from their ability to create jobs and move our economy forward.

"Making it easier for already approved projects to move forward once the economy turns around sends a clear message to workers and businesses that we are positioning New Jersey for economic success,” the Assemblyman said.

The proposal is part of Milam’s economic growth effort. The state recently announced a payroll tax cut sponsored by Milam will take effect next year.

Projects have stalled due to the inability of the banking, real estate and construction industries to obtain financing in the current economic downturn. The lapse of the permit approvals could cause a decline in the value of real estate involved in the projects and require a reclassification of loans.

Under this bill, government approvals would continue to be valid until at least Dec. 31, 2014, though no approval may be extended beyond six months after the conclusion of the extension period. That means no approval would be extended beyond June 30, 2015.

"We want New Jersey businesses struggling to survive this economy to use their vital resources on job creation, not on applying over and over again for new permits," Milam said. "Businesses need to know that New Jersey is doing everything it can to help them through this difficult time and keep us competitive with neighboring states.”

—TOM HESTER SR., NEWJERSEYNEWSROOM.COM