TRENTON – Sen. Jennifer Beck of Red Bank said she will introduce legislation today that would permanently do away with the 2.5 percent developer’s fee on commercial development.
The moratorium on the developer’s fee on commercial development has been in place since 2008, after legislation sponsored by Sen. Ray Lesniak, D-20, Union among others, was signed into law as a way to stimulate growth during the economic slowdown.
Beck, R-11, said that the fee moratorium is scheduled to expire on June 30 and if legislation isn’t put in place to extend it, the fee will resume.
Beck made her comments at this morning’s Budget Committee hearing involving the Department of Community Affairs.
