TRENTON, NJ-Both chambers of the state legislature yesterday approved a measure that would extend old and new building permits through Dec.of 2010. The Permit Extension Act of 2008 passed the Assembly by a vote of 70-9, and the Senate by 33-2. The measure now awaits the signature of Gov. Jon Corzine. A spokesman declined to comment.

The bill hit committees in both chambers a week ago, and were brought to the full Assembly and Senate this week with some changes, or compromises. The major change was that while the original bill would have extended old and new permits dating from the end of 2006 and set to expire this year if not utilized, through Dec. 2012, the final version puts the expiration date at Dec. 21, 2010.

Proponents of the bill cited economic conditions and the possible impact on getting projects done within the time limit imposed by existing and new permits as the reasoning behind the legislation. “It takes several years and an average of 157 permits to get a major project off the ground,” Ted Zangari, a member of the Newark-based Sills Cummis Law firm and founder of the advocacy group behind the legislation, told GlobeSt.com a week ago. “I would argue that a number of projects would never survive another round of approvals.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.