Trenton – Today, in an effort to assist communities in need, the Senate passed legislation sponsored by Senator Nilsa Cruz-Pérez that would extend the economic recovery term.
The bill, S-2217, would extend the economic recovery term as established under the Municipal Rehabilitation and Economic Recovery Act (MRERA) by five years. The MRERA established two fiscal oversight periods for the city of Camden that would allow a state-appointed chief operating officer to oversee Camden during a rehabilitation period. During the economic recovery term, Camden would no longer be overseen by the chief operating officer but remain under state oversight.
“Camden has experienced economic hardships and in order for our state economy to thrive, a city that has historically been left at a disadvantage must thrive,” said Senator Cruz-Pérez (D-Camden/Gloucester). “The goal of this bill is to economically grow the city of Camden and maintain the economic growth for a long-term sustainable recovery.”
The bill would require the mayor to issue an interim report no later than June 30, 2021 detailing the progress of the municipality toward the rehabilitation and economic recovery, as well as a final report at the end of the recovery term.
Under the bill, the economic recovery term would be revised by having it conclude 15 years following the termination of the chief operating officer instead of the original 10 years.
The City of Camden would remain subject to the governing procedures, economic benefits, and fiscal oversight measures provided under the MRERA until January 2025.
The bill was passed by the Senate by a vote of 32-2.