This legislation provides powerful new tools to spur the redevelopment of former industrial sites. This new program will support our State Plan. The exemption will apply only to purchasers who complete the remediation of the property. The information would be accessible through the GIS program. Lender Liability for Storage Tanks - amends liability law to exempt lenders from liability for underground storage tanks provided that action is taken to empty and close the tanks.
Current law allows only industrial or commercial reuse.
The legislation signed today compliments urban redevelopment programs initiated by the Governor including the New Jersey Redevelopment Authority, the Fund for Community Economic Development, Urban Coordinating Council and the Office of Neighborhood Assistance.