Transit Property Pitch Kicks Off Budget’s Final Weeks

njspotlightnews.org

A last-minute budget proposal from Gov. Phil Murphy’s administration calls for spending $100 million to create mixed-use, transit-oriented developments on properties currently owned by New Jersey Transit.

If lawmakers agree, the new real-estate venture would be led by the state Economic Development Authority, using money from a proposed new tax on New Jersey’s most profitable corporations that Murphy wants enacted by the end of the month.