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TRENTON, NJ – A new bill, passed by an Assembly committee, aims to stimulate investment in vacant properties along the Jersey Shore.
Sponsored by Assemblymen Sean Kean and Ned Thomson, the bill allows for up to 25-year leases of non-waterfront municipal properties.
This represents an increase from the current 10-year limit. This legislation, according to Kean, will ease the financial burden on local taxpayers and give new life to vacant buildings.
An example is Spring Lake’s plan to repurpose the former First National Bank into a restaurant and affordable housing units, showcasing the potential benefits of the extended lease terms for community development.