Last week, Governor Murphy signed into law A-1700 (P.L. 2019, c.229) which amends the “Local Redevelopment and Housing Law” to specify that a municipality may determine an area to be in need of redevelopment if the area contains buildings that are used as, or were previously used as, a shopping mall, shopping plaza, or a professional office park, and the buildings with significant vacancies, for a period of at least two consecutive years.
This League supported this bill as it would provide municipalities with a greater ability to use the tools available to them to encourage the repurposing of stranded assets. We would like to thank the sponsors for their work on this legislation.
Contact: Frank Marshall, Esq., League Staff Attorney, email@example.com, 609-695-3481 x137.